Apax Partners readies IPO for Permanent Capital Vehicle in London

European private-equity firm Apax Partners 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 and Jefferies Group LLC 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.