Apax replaces COO

Ralf Gruss has been appointed chief operating officer at Apax Partners. He succeeds Steve Hare who stepped down from the role to spearhead the firm’s portfolio support group, according to an industry source. 

Having joined Apax in 2000, Gruss was formerly a member of the firm’s financial services team. His operational work with portfolio companies and familiarity with Apax’s operations won him the job, the source said.  

Ralf Gruss

Gruss will not introduce any major changes within Apax’s internal operations, the source said. Apax declined to comment. 

The transition comes at a time of what some industry sources consider high turnover at Apax. This issue was recently addressed by Apax's chief executive, Martin Halusa, who explained the firm's approach to succession in an exclusive interview with Private Equity International, and also explained, candidly, why its approach to “human capital management” had met with approval from investors.