Private equity firm Apax France has fallen short of its €700m target for its eighth buyout fund, failing to match the recent performance of its peers in the French mid market. The fund is set to close later this month after 18 months on the road, sources close to the situation said.

Apax France is set to hold a final close of around €600m on Apax France VIII by the end of June, according to two people close to the situation, meaning that in the absence of any last minute investor commitment the firm will not meet its €700m target.