Private equity manages funds, on behalf of LPs. Just the same as most VC funds. It's the same thing. Apax doesn't own the company, the fund does. Apax gets fees

Private equity manages funds, on behalf of LPs. Just the same as most VC funds. It's the same thing. Apax doesn't own the company, the fund does. Apax gets fees for the deployed capital and carry if the investment, upon exit, goes beyond a given return threshold.