Audax Private Equity has closed two new funds – Audax Private Equity Fund VII and Audax Private Equity Origins Fund I in excess of their respective fundraising targets with $5.25bn and $774m in commitments, respectively.
Audax Private Equity (Audax) has closed two new funds – Audax Private Equity Fund VII (Fund VII) and Audax Private Equity Origins Fund I (Origins) – in excess of their respective fundraising targets with $5.25bn and $774m in commitments, respectively.
Combined with an additional $1.8bn available through GP co-investment vehicles, the two funds provide Audax with $7.8bn to deploy across the middle and lower middle markets.
Through Fund VII and Origins, Audax will continue its strategy of investing in North American platforms across six core industry sectors: business services, consumer, financial services, healthcare, industrial services & technologies, and software & technology.
Both Fund VII and Origins attracted commitments from a diversified mix of investors, including public and private pensions, endowments and foundations, sovereign wealth funds, insurance companies, high-net-worth investors and family offices. Commitments from existing LP relationships accounted for a substantial majority of the total capital raised.
The combined Audax commitment of $1.8bn represents approximately 30% of the total LP commitments across both funds. Since its inception, Audax Private Equity has committed $4.1 billion to invest alongside the firm’s LPs.
Fund VII has already deployed approximately $1.3bn across seven platform investments and Origins Fund I has deployed just over $195m across three platforms.
Kirkland & Ellis, LLP served as legal counsel to Audax for the concurrent fundraises.