Apax Partners is being sued by one of its three co-founders in a dispute over how profits and fees were split on deals by the private equity group in Europe since 2001.

Maurice Tchenio, chairman Apax Partners SA, the group’s separate French affiliate, claims the UK-based buy-out house owes him a share of profits and management fees from recent investments in the Netherlands, Sweden and Italy. Mr Tchenio, 65, set up Apax Partners in 1976 with Sir Ronald Cohen in the UK and Alan Patricof in the US to raise money for private equity deals in Europe and North America.