Apis Partners Group (UK) Limited (“Apis”), a private equity firm investing in tech-enabled businesses in financial infrastructure and services, announced the final close of Apis Global Growth Fund III and Apis Growth Markets Fund III (the “Funds” or “Fund III”), with combined commitments of $1.23 billion excluding co-investments, more than double its predecessor, Apis Growth Fund II, at $563 million.

The Funds closed 23% above target. Reflecting the strong performance of previous funds, which have already generated in excess of $1 billion in realisations to date, over 70% of existing LPs have re-upped and increased on their previous fund’s commitments, accounting for around 50% of the total capital raised in Fund III. The significant increase in fund size allowed Apis to welcome a number of new investors to its global institutional investor base, including sovereign and supranational investors alongside banks, insurers, pension funds, funds of funds and foundations.

Fund III will build on the strength of Fund II to invest meaningful minority stakes in high growth, profitable financial infrastructure and services businesses in Europe and select growth markets globally. An active deployer of capital in the sector, Apis has invested approximately $400 million from Fund III across seven investments to date. These include MoneyBox, a leader in the UK digital wealth management space, Coda Recharge, a leading European and Asian platform for prepaid digital goods, and Thunes, a global provider of cutting-edge digital payments infrastructure enabling instant cross-border money transfers, payment acceptance, and acquiring services headquartered in Singapore.

Matteo Stefanel, Apis Co-Founder and Managing Partner said: “We are delighted to welcome so many new and returning investors into Fund III. We continue to see opportunities in our target segment of profitable, high growth, tech-enabled financial infrastructure and services companies. We are well on our way to replicating the success of previous funds, by leveraging our experience in this sector and bringing capital and connectivity to our portfolio companies as we invest in the conduits to global economic activity, the pipes of the finance industry.”