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Private equity group Apax Partners is set to hire its first global general counsel, joining a growing list of funds employing dedicated in-house lawyers.
The group has appointed recruiters to find candidates, although the position is not being advertised publicly.
It is understood that the post will be based in London and will pay between £250,000 and £300,000, as well as bonuses and a share of ‘the carry’ – the percentage of profit made on a fund that is used to pay executives. Carry is generally expected to run into millions of pounds.
Apax has relationships with a number of City partners at firms, including Ashurst, Kirkland & Ellis, SJ Berwin and Weil Gotshal & Manges. Key advisers include Mark Soundy of Weil, Graham White at Kirkland and Ashurst partners Charlie Geffen and Stephen Lloyd. SJ Berwin has been used for funds work.
Last year private equity fund Bridgepoint hired Travers Smith partner Charles Barter as its general counsel.
Bridgepoint, a key Travers client, had not previously employed an in-house lawyer.
In 2007 private equity giant Kohlberg Kravis Roberts hired Simpson Thacher & Bartlett New York corporate partner David Sorkin as its first general counsel. Apax declined to comment on the recruitment process.