Amadeus spin-out starts fundraising

Oxx will focus on growth-stage investments through primaries and direct secondaries in Europe and Israel’s B2B software market.

Amadeus Capital Partners spinout Oxx has begun discussions with institutional investors about raising its debut fund, sister publication Private Equity International has learned.

Oxx, which was officially launched this week, is owned and led by founders Richard Anton and Mikael Johnsson, both formerly of Amadeus. The duo will manage six of Amadeus’s existing portfolio companies, ranging from recent to “longstanding” investments, on behalf of their previous firm.

Fundraising discussions began toward the end of last year, according to a source familiar with the matter.

Oxx declined to comment on fundraising plans.

“Amadeus has supported us professionally and are responding to our desire to start Oxx and focus on the growth stage B2B software sector,” Anton told PEI. “They want the six portfolio companies to be managed well and the funds that those companies are in to thrive, so that’s the basis for the arrangement.”

Oxx will invest through a hybrid of primaries and direct secondaries into B2B software companies.

“We have found plenty of opportunities in these markets and we don’t want to spread ourselves too thin, as we’re a new firm. We have also seen some interesting opportunities in Germany and elsewhere as well, but we’re focusing on the UK, the Nordics and Israel for now,” Anton said.

The duo are hoping to add to their team in the firm’s London and Stockholm offices and have already hired an investment manager, Thomas Eskebaek, formerly a private equity consultant at Bain & Company and HgCapital.

On Thursday the firm also announced Robert Easton, a partner at Carlyle, as a part-time senior advisor. Easton, who has experience in buyout investments in the European technology sector, will provide strategic counsel to the firm around its portfolio and future investments.