Apax Partners readies IPO for Permanent Capital Vehicle in London -Bloomberg

April 9 (Reuters) - European private-equity firm Apax Partners (Other OTC: PGPHF - news) is readying an initial public offering for Permanent Capital Vehicle, the biggest investor in Apax funds, in London to gain permanent access to capital, Bloomberg reported citing people familiar with the matter.

The IPO of Permanent Capital Vehicle, which is being managed by Credit Suisse Group AG and Jefferies Group LLC, would offer about $250 million in shares to the market, Bloomberg said. (http://bloom.bg/1PoN5Bu)

Permanent Capital Vehicle was set up by Apax six years ago, after it sold a stake to a group of sovereign wealth funds, Bloomberg said.

Shareholders and other executives of Permanent Capital Vehicle would be prevented from selling their stakes through a lock-up, Bloomberg reported.

Apax Partners declined to comment on the story.

Credit Suisse (LSE: 0QP5.L - news) and Jefferies could not be reached for comment outside regular business hours. (Reporting by Ankush Sharma in Bangalore; Editing by Meredith Mazzilli)