Global buyout company Apax Partners is planning to launch the first private equity buyout fund in Israel, according to people familiar with the situation. The unnamed sources were cited in a report by The Wall Street Journal.

The firm has previously raised funds for venture capital and smaller growth capital transactions. The company is currently discussing a formal fundraising process with investors. According to one of the sources, Apax is targeting USD300 million for the said buyout fund, the report said.

The new fund would be dedicated to midmarket buyouts in Israel. Apax is said to be keen to move into the midmarket from small ventures, the report stated.

One of the sources said the firm has not yet officially started the fundraising activity but it would likely kick off in the next few months, the report added.

According to one investor, the buyout team of Apax would manage the fund. The team would be led by Zehavit Cohenin Tel Aviv. The person also said the firm would target a first close within the first quarter of 2014, The Wall Street Journal wrote.