CIC puts cash into Apax fund

China Investment Corp has pumped €685m (£599m) into Apax Partners’ €11.2bn fund after the Financial Services Authority gave clearance for the deal. The cash injection, which will see CIC take a 2.3 per cent stake in the management company, gives the Chinese entity access to Apax’s future investments while existing clients now have the liquidity to withdraw commitments to back forthcoming deals. The move underlines China’s ongoing willingness to invest in western enterprises.