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Audax Private Equity Fund III closes at USD1bn

Boston-based Audax Group has raised its third private equity fund, Audax Private Equity Fund III, with a first and final close of USD1bnbn.

Boston-based Audax Group has raised its third private equity fund, Audax Private Equity Fund III, with a first and final close of USD1bnbn. Consistent with the strategy of Audax Private Equity Fund II, a USD700m fund that was raised in 2005, the third fund will be invested exclusively in control, leveraged acquisitions of middle market companies.

Audax Private Equity currently owns a total 24 portfolio companies with combined revenues of USD2.3bn.

The vast majority of capital for Audax Private Equity Fund III comes from existing investors in prior Audax equity and mezzanine funds. Says Garz Soule, managing director and director of investor development: ‘There were a handful of new institutional investors who invested in Audax Private Equity Fund III.’

Audax Group is a leading private equity and debt capital investor in middle-market companies. Founded in 1999 by co-chief executives Geoffrey S. Rehnert and Marc B. Wolpow, the group has offices in Boston (private equity) and New York (debt capital markets), more than 80 employees and assets under management in excess of USD3.5bn.

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