Apax Partners

Middle-market sponsors are sitting on thousands of aging portfolio companies as hold periods stretch, multiples reset and sector-specific headwinds—from healthcare policy to AI disruption—reshape the path to liquidity.

As fintech valuations tumble, strategic buyers are seizing the opportunity to scoop up innovative targets over private equity and family offices.

The deal expands Gallagher’s focus on middle-market property and casualty insurance, as well as employee benefits, in the U.S.