Apis Partners expands investment mandate with two new partners

 Apis Partners expands investment mandate with two new partners

Private investment group Apis Partners said Tuesday it has beefed up its top team by hiring two partners to broaden its investment coverage into additional regions.

The UK-based growth equity investor in emerging markets of Asia and Africa has hired Adam Battersby and Theofilos Kotridis, who will be based in the London office and will focus on investment opportunities in Europe and the US.

This could mark a departure from its existing strategy, where it has backed financial services companies in Asia and Africa.

A spokesperson for Apis said Battersby and Kotridis are the only members of TechFin moving to the PE firm.

When asked whether Apis is looking to invest in companies incorporated in the US and Europe but operational bases in emerging markets or whether it is indeed expanding its investment mandate to include developed countries, the spokesperson said fintech is increasingly becoming a sector without boundaries.

“As we move into a world of open banking, the stratification of formerly siloed business models and the ubiquitous implementation of APIs, increasingly the lines between ‘discreet’ financial services will blur in favour of themes such as embedded finance and holistic wellness, particularly as financial services continue to democratise,” the executive said. “As sector specialists, we see a tremendous growth opportunity across Europe, North America and the world at large.”

Battersby and Kotridis join Apis from TechFin Investments, a growth investment firm they floated two years ago focusing on investments in Series B and above fundraising rounds. The pair had co-founded TechFin after leaving Bank of America and Credit Suisse Principal Investments teams, respectively.

TechFin did not scale as envisaged, apparently leading to the departure of the founders.

Battersby has more than 18 years of experience investing into Europe, Middle East, Africa, the US and Asia-Pacific. His track record includes over 35 investments within key areas of fintech including payments, blockchain and artificial intelligence.

Battersby previously led Bank of America Merrill Lynch’s Global Principal Investments portfolio, with a focus on fintech PE investments. As co-chair of the Global Investment Committee, he oversaw all new investments and a portfolio of over $2 billion, comprising more than 45 fintech companies.

Kotridis has 20 years of experience in private equity and investment banking. Prior to TechFin, he was the global head of Strategic Principal Investments for Global Markets at Credit Suisse, the bank’s private equity group, focusing on a broad spectrum of financial technology companies.

Over the years Kotridis ran a portfolio of over 25 companies with more than $1 billion in assets. He has also been an external advisor to private equity group CVC, advising them on market infrastructure transactions. In addition, he was the CIO of an owner and operator of capital markets infrastructure.

In the past, Kotridis was an M&A banker at Credit Suisse covering TMT and, in particular, technology for financial institutions and systemic financial infrastructure.

Apis Partners was co-founded by managing partners Matteo Stefanel and Udayan Goyal in 2014. The firm invests in growth stage financial services and financial infrastructure businesses and has a strong focus on the sustainability and societal impact of its investments in sector-leading companies. Apis manages or advises on total committed capital from investors (including drawn and invested capital) of $1.2 billion.

Last year, Apis had hired Hossam Abou Moussa as a partner and two other investment professionals from Actis. Apis’s top team also includes seven partners. Its total team size, excluding advisors, is above 30.

Vivek Sinha

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