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Audax raises $3bn for second DLS fund

Audax Private Debt, a provider of financing solutions for middle market private equity sponsors, has closed Audax Direct Lending Solutions Fund II with $3.0 billion of capital commitments. The new fund, which reached its hard cap, exceeded its fundraising target of $2.25 billion and, including targeted leverage, provides New York-based Audax Private Debt with $4.5 billion of total investable capital.

Audax Private Debt (Audax), a provider of financing solutions for middle market private equity sponsors, has closed Audax Direct Lending Solutions Fund II (DLS Fund II) with $3.0 billion of capital commitments. The new fund, which reached its hard cap, exceeded its fundraising target of $2.25 billion and, including targeted leverage, provides New York-based Audax Private Debt with $4.5 billion of total investable capital.

Audax is actively investing through DLS Fund II and has issued $1.6 billion of loan commitments to date. Consistent with the strategy of its predecessor, DLS Fund II provides senior secured unitranche and stretch senior financings. 

DLS Fund I, which is in its reinvestment period, closed in 2018 with $2.6 billion of investable capital. Inclusive of Audax’ inaugural DLS fund, the closing of DLS Fund II brings Audax’ total investable capital for unitranche financing to over $7 billion.

DLS Fund II attracted commitments from a diverse mix of global institutional investors from the US, Canada, Europe, Asia-Pacific, the Middle East, and Latin America. Investors include leading pension funds, sovereign wealth funds, insurance companies, family offices, endowments and foundations.

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