Law firm Stephenson Harwood has advised Apax Partners on the launch of ‘Apax Private Equity Opportunities’ (APEO) FCPR fund, a new dedicated regulated investment vehicle for life insurance in France.

Apax Partners is an independent global partnership focused solely on long-term investment in growth companies. It manages and advises funds worth €4 billion investing in SMEs across four main sectors: technology and telecommunications, consumer goods, health care, and professional services.

Regulated by the French Financial Markets Authority, APEO is an evergreen private equity investment fund eligible for inclusion in unit-linked life insurance contracts. This fund will be more liquid than traditional private equity funds and will be distributed by insurers selected by Apax.

APEO will invest in the real economy through premium unlisted small and medium-sized French and European companies, directly and alongside flagship investments funds managed by Apax Partners.

“Private equity is a high performing asset class and has traditionally been reserved for institutional investors,” said Tiana Rambatomanga, partner, Stephenson Harwood. “By launching this new type of product within the framework of the opportunities opened up by the Pacte Law, Apax is taking leadership of the market, once again opening its expertise to private investors and demonstrating its ability to innovate in the market.

“I am proud to have led a team advising on  the launch of a new type of fund. Deals like this highlight the strength of the Stephenson Harwood funds team, and our ability to advise on the most complex and innovative private equity deals as the market expands into more innovative and strategic avenues.”

The Stephenson Harwood team was led by Paris-based funds partner Tiana Rambatomanga, who was assisted by associates Galien Devillers and Duygu Keles. Tax advice was provided by partner Olivier Couraud and associate Jeanne-Eve Lepinay Diday.