Apax is a long-term client of private equity specialist SJ Berwin. Corporate finance partner John Daghlian has already acted on the last three funds for the house, but this one is believed to be one of the largest ever raised in Europe – most are usually around half the value of Europe V. SJ Berwin dominates the high-end fund-raising market, although Clifford Chance and Ashurst Morris Crisp are also well-regarded players.

Apax consistently proves to be a valued client of SJ Berwin, just as it favours its loyal advisers Swidler Berlin Shereff Friedman, which provided US advice, and German firm Pöllath & Partners.

The deal involved hundreds of investors in Europe and the US, meaning that in logistical terms alone, it was a vastly complex job for SJ Berwin. The euro4bn (£2.5bn) naturally had to be organised in a tax efficient way; tax partner Mark Hainsworth was therefore closely involved in the fund raising as well.