Two of Apax Partners’ global private equity funds have seen their valuations recover following the pandemic-driven crisis in the first quarter.

The valuation of 2012-vintage Apax VIII, which raised $7.5bn, rose 14.4% in euro terms, in the three months to the end of June, according to a person familiar with the strategy. Over the same period, the valuation of Apax IX, which has $9.5bn in assets and started investing in 2016, was up 19.8%, the person told Private Equity News.