Apax Partners readies IPO for Permanent Capital Vehicle in London

By Greg Roumeliotis

(Reuters) - European private-equity firm Apax Partners [APAX.UL] is readying an initial public offering for Permanent Capital Vehicle, the biggest investor in Apax's funds, in London to raise money that it can use to seed more funds, according to a source familiar with the matter.

Apax Partners has hired Credit Suisse Group AG (CSGN.VX) and Jefferies Group LLC [JGLL.UL] to manage the IPO, the source said.

Bloomberg, which first reported the story, said shareholders and other executives of Permanent Capital Vehicle would be prevented from selling their stakes through a lock-up.

Apax Partners declined to comment on the story.

Credit Suisse and Jefferies could not be reached for comment outside regular business hours.

(Reporting by Ankush Sharma in Bangalore; editing by Meredith Mazzilli)