Apax Xi Usd LP
A private equity fund outside venture scope, shown because its manager is on the venture graph.
5 additional principals, 8 additional placement agents
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- +1749%reported GAV
Reported gross assets rose from $192M to $3.55B between the Form ADV filings of 28 Jun 2024 and 29 Jun 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Amounts, each with its basis
- Vintage
- 2023basis: adv first reported
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- indefinitewhat may be sold, not what was raised; file 021-450479, 021-100000, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Jun 28, 2022
- First sale
- unknown
- Reported GAV
- $3.5Bon the Form ADV filed Jun 29, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 343
- Reported on ADV
- Jun 29, 2023 to Jun 29, 2026
- Structure
- master
Fundraising evidence
What counts as raisingA Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.Lifecycle
Active deployment
Lifecycle
The fund's own reporting through time
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Jun 29, 2023 | Private Equity Fund | $8.1B | 175 | $10.0M | 6% | yes | |
| Jan 18, 2024 | Private Equity Fund | $8.1B | 175 | $10.0M | 6% | yes | |
| Jun 28, 2024 | Private Equity Fund | $192M | 345 | $10.0M | 8% | yes | |
| Jun 29, 2026 | Private Equity Fund | $3.5B | 343 | $10.0M | 8% |
Principals and agents
- Martin Charles Halusa Director
- Apax XI USD GP L.P. INC. Promoter
- David Payne Staples Director
- Lazard Freres & Co. LLC placement agent
- J.P. Morgan Securities LLC placement agent
Service providers
- AuditorKPMG · ST. PETER PORT, GuernseyForm ADV filed Jun 29, 2026 reports.adviserinfo.sec.gov
- AdministratorAPAX PARTNERS GUERNSEY LTD. · ST. PETER PORT, GuernseyForm ADV filed Jun 29, 2026 reports.adviserinfo.sec.gov
- CustodianAztec · ST PETER PORT, GuernseyForm ADV filed Jun 29, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performance
Whose numbers these areEach row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| California State Teachers' Retirement System calstrs.com | 2024 | $150M | $34.2M | Not disclosed | $39.7M | 23.8% | 1.2x | Jun 30, 2025 |
Known LPs and allocators
What these amounts and dates areA commitment date prints only when the source printed one; otherwise the row carries the date of the report that listed it. A foundation’s 990-PF line is a holding at fair value on its return, never a commitment.| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| California State Teachers' Retirement System | STATE RETIREMENT SYSTEM | $150M committed | reported as of Jun 30, 2025 | Fact Pension disclosure |
Investments attributed to this vehicle
Timeline
- Jun 30, 2025CalSTRS reports Apax XI USD L.P.: $150,000,000 committed, vintage 2024, net IRR 23.8%, 1.16xLP commitment disclosed Fact Pension disclosure
- Jun 29, 2023Apax Xi Usd LP first reported on Form ADV by Apax Partners LLP (Private Equity Fund), GAV $8,097,191,087Fund first reported on Form ADV Fact Form ADV
- Jun 28, 2022Apax XI USD L.P. filed Form D: no sales yet (indefinite offering), Private Equity FundForm D filed Fact Form D
Evidence
Every observation on this vehicle
- Entity type: Limited Partnership Jun 28, 2022 Fact Form D
- Form D fund type: Private Equity Fund Jun 28, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Jun 28, 2022 Fact Form D
- Amendment: false Jun 28, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Jun 28, 2022 Fact Form D
- Incorporated: withinFiveYears Jun 28, 2022 Fact Form D
- Jurisdiction: Guernsey Jun 28, 2022 Fact Form D
- Lp reported fund: 150,000,000 Sep 13, 2026 Fact Pension disclosure
- Amount sold (Form D): $0 Jun 28, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.1, 3C.7 Jun 28, 2022 Fact Form D
- Indefinite offering: true Jun 28, 2022 Fact Form D
- Investors (Form D): 0 Jun 28, 2022 Fact Form D
- Minimum investment (Form D): 0 Jun 28, 2022 Fact Form D
- Securities offered: pooled Jun 28, 2022 Fact Form D
- Office address: Jun 28, 2022 Fact Form D
- Year of incorporation: 2021 Jun 28, 2022 Fact Form D
Relationships across DFX
on 3 other DFX graphs · 2 capital paths
Apax Xi Usd LP is the same institution as 3 records in Allocators, Private Equity and RIA and Wealth.
DFX found 3 relationships across 3 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Apax Xi Usd LP sits on 2 traced paths of capital across the graphs.
DFX traced 2 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Merged in2026-09-15
- LP commitment disclosed2025-06-30source on record
- Form D filed2022-06-28source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.