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FINANCIAL AND LEGAL INFORMATION
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Risk factors
F) RISKS RELATED TO KEY PEOPLE
Nature of the risk
Risk mitigation
1) Risks related to the management and control of Apax Partners
Maurice Tchenio is the founder of Apax Partners, and for more
than 30 years he has played a major role in managing this
company and the funds created by Apax Partners. He alone
has the controlling interest in Apax Partners SA and Altamir
Gérance SA, the Management Company and general partner of
the Company. His departure, extended absence or death could
therefore have a significant unfavourable effect on the activity
and organisation of Apax Partners, and consequently on the
activity of Altamir and its future outlook.
A succession plan is in place for two types of situations:
1) in the event of Maurice Tchenio’s inability to fulfill his duties,
arrangements have been made with respect to the Company’s
management and ownership structure, so as to ensure business
continuity and the Company’s long-term survival; 2) in view of a
planned transition, Maurice Tchenio is dialoguing with a number of
potential successors.
Beginning with the Apax France VIII fund, management of the
private equity funds has been the responsibility of Apax Partners
MidMarket SAS, headed by Eddie Misrahi. Equity capital is shared
between seven partners of this company. The operations of the
asset management company would obviously be disrupted in
the event of an extended absence or the death of Mr. Misrahi.
The other partners would be able to implement the business
continuity plan without major disruption.
The same applies to Apax Partners LLP.
The structure and size of Apax Partners LLP do not give rise to
specific risks as to the smooth operation of this company in the
event of the departure or death of its senior executives, of which
there are now two (Mr. Sillitoe and Mr. Truwit), having succeeded
Martin Halusa.
2) Risks related to other professionals working for apax partners
Altamir’s success depends to a large extent on the skills and
expertise of the partners and other professionals employed by
the Apax management companies, and it cannot be guaranteed
that these individuals will continue to be employed by these
companies.
Altamir has limited the risks mentioned above by diversifying
its partnerships with Apax Partners MidMarket and Apax Partners
LLP.
The size of the team of professionals at the management
companies, the reputation of these companies, and the team-
based approach to investment decisions, portfolio management
and divestments tend to limit the impact for Altamir of isolated
departures of one or more of the Group’s employees. However,
as the teams are specialised in their operational sectors, the
departure of any given professional, and in particular a partner,
may have a negative effect on Altamir’s capacity to invest in the
sector in which the professional specialised.
Since the sectors are covered by several partners, with support
from experienced teams in which future partners have been
identified, the risk of disruption due to the potential departure
has been minimised.
The Company regularly reviews risks (risk map). It considers that there are no significant risks other than those presented.
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REGISTRATION DOCUMENT
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ALTAMIR 2016