Alternative asset management firm Audax Group has held the final close of Audax Mezzanine Fund IV at its hard cap of USD1.2 billion of aggregate committed capital from a select group of institutional and high net worth limited partners.
Fund IV was oversubscribed and exceeded its fundraising target of USD1 billion.
Consistent with its predecessor mezzanine funds, Fund IV will continue Audax’ strategy of directly sourcing and investing in a diversified portfolio of junior debt securities, in addition to co-investments in equity securities, with a specific focus on direct lending to US middle market companies as part of private equity-sponsored buyouts, recapitalisations, financings, and acquisitions.
Since its founding in 1999, Audax has raised almost USD15 billion of capital and currently manages more than USD10 billion through its private debt and private equity businesses. Audax Mezzanine, part of Audax Private Debt, is based in New York. Audax also has offices in Boston and Menlo Park.
The firm raises its capital from a broad mix of institutional investors, including public and corporate pension funds, insurance companies, endowments and foundations, and high net worth families, in addition to a significant commitment from the firm’s senior professionals.
"We appreciate the support from our existing and new investors and thank them for their commitment to Audax," say co-chief executive officers Geoffrey S Rehnert and Marc B Wolpow. “The significant demand for our fourth mezzanine fund underscores the capability of our team and our differentiated strategy, as well as our investors’ confidence in our consistent track record of delivering attractive returns. We look forward to leveraging our deep industry experience to pursue and capitalise on exciting investment opportunities across the middle market.”
“We are pleased to once again receive broad investor support in Fund IV,” says Kevin P Magid, managing director and the head of Audax’ private debt business. “We look forward to continuing to provide financing to, and partner with, our private equity clients. We have completed 90 mezzanine debt investments with 50 different private equity firms. The capital base of Fund IV will allow us to further enhance our capabilities.”
