FORTUNE — Apax Partners is planning major cutbacks, as it struggles to reach its €9 billion fund-raising target.
Dow Jones first reported the news this morning, saying that the private equity giant would cut 10% of its investment staff, significantly reduce its London headquarters footprint and close its offices in Italy and Spain.
The investment staff reductions will involve 11 positions, with Coins2Day learning that it includes six partners. No word yet on what happens to support staff, but it’s hard to imagine that it will remain intact.
One of the offices closures already has occured, with Apax quietly shuttering its Milan satellite just before Christmas. Barcelona will go shortly, although the firm does plan to move forward with plans to open a new outpost in Sao Paulo, Brazil.
The London office space on Jermyn St. Will be cut back from 5 floors to 3, via sub-lease.
Apax had announced a €4.3 billion first close in early 2012, but apparently didn’t generate enough traction through the rest of the year. At this point, even €7 billion would be a bit of a surprise.
The firm’s offering documents mandate an end to fundraising come June 30, and there are no plans to request an extension. Apax’s prior fund was capped at €11.2 billion
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