'I'm staying," Apax chief promises investors The decision will end growing speculation about Mr Halusa's future, with some suggesting investors were very keen he remain on board. The move will mean rising stars such as Andrew Sillitoe, the head of the tech and telecoms team, will have to wait until 2016 to compete to lead one of Europe's biggest buy-out firms. Apax was founded 30 years ago by Sir Ronald Cohen, who handed the reins to Mr Halusa in 2003 after the latter helped to create Apax Partners in Germany. Under Apax rules, partners are forced to step down at the age of 60. Mr Halusa will turn 60 in February 2015, but his new commitment will see him stay on until 2016. Under his tenure, Apax has seen its fortunes expand, raising Europe's biggest fund in 2007, with €11.2bn of capital. Its investments, including Trader Group, New Look and All3Media, employ more than 270,000 people and have an enterprise value in excess of €72bn. However, in recent years, Apax has had a tougher time, with some companies, like Marken, GHG and Cengage Learning, struggling to cope with too much debt. Apax has also found it harder to raise its €9bn fund, which it began canvassing investors for in May 2011. Some investors suggest that Apax could have to restructure further if it fails to raise above €6bn. The buy-out house has already held a €4.3bn "first close." Apax declined to comment.