Private equity fund manger Azini Capital has bought two portfolios of technology companies from Apax Partners.

Private equity fund manger Azini Capital has bought two portfolios of technology companies from Apax Partners.

The two partnerships purchased by Azini have interests in 16 growth and development stage technology companies that are based in the UK, USA, Israel and Ireland.

Apax and Azini have not disclosed how much the deal is worth, but Azini reports that after the purchase it now has funds of $100 million (£62 million) to develop its portfolio of businesses.

The transaction comes as Apax continues its strategy of selling off its interests in smaller ventures in favour of pursuing bigger deals.

Apax chief executive officer Martin Halusa says: ‘The divestment of venture technology investments represents a further step in the evolution of our strategy’.

Halusa adds: ‘We are very comfortable that we have found an excellent home for these investments with a team that is professional, experienced and committed to working with the portfolio companies and management teams going forward.’

Azini managing partner Nick Habgood comments: ‘It is highly unusual to have the opportunity to acquire such good quality assets.’