Apax continues to raise $1 billion+ fund, loses Paul Vais

Dan Primack of PE Week Wire, reports:

Paul Vais and Greg Case are planning to leave Apax Partners at year-end, as the firm’s U.S. operation continues to move away from early-stage investing and plans to close on a big U.S. fund, of more than $1 billion.

Vais is a Menlo Park-based co-head of Apax’s U.S. technology and telecom group. His current board seats include InnovaLight, Silicon Optix and TvHead. No word yet on their future plans, or if others with early-stage inclinations could follow suit.

Case leads the firm’s U.S. financial and business services group, and serves on the boards of such companies as The Learning Annex, Paladin Holdings, Planview and Princeton Softech.

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