Apax Partners, the UK-based private equity group, has sold 7.7 per cent of its management company to Singaporean and Australian investors, helping to establish a permanent capital vehicle to invest in its buy-out funds.

GIC Special Investments, a unit of the Singapore sovereign wealth fund, and Future Fund, the Australian sovereign wealth fund, have agreed to buy shares in Apax from the top partners at the firm, which is still in talks to sell another 2.3 per cent stake.