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Laxman Pai, Opalesque Asia: The US-based alternative investment manager Audax Group has closed a deal to buy one of its own funds with the help of fellow investment firms AlpInvest Partners, Lexington Partners, and Hamilton Lane.
The private equity firm said in a press release that its first Continuation Fund - a transaction that allows a private investment firm to hold onto portfolio assets for longer so they can have time to fully realize returns - with 1.7 billion in capital commitments, which funded the purchase of portfolio companies from Audax Private Equity Fund IV, a 2012 vintage fund with $1.25 billion in capital commitments.
This is Audax Private Equity's first GP-led secondary fund, said the release. It will provide Audax with additional time and capital to support the continued growth of key portfolio assets.
The transaction was led by AlpInvest Partners, Lexington Partners, and Hamilton Lane, and comprised of a diverse group of secondary and primary investors, including Fund IV limited partners. All Fund IV limited partners had the option of reinvesting their Fund IV value into the Continuation Fund on status quo terms, or receiving full or partial liquidity.
Joe Rogers, Managing Director of Audax, said: "We are grateful for the support of our existing limited partners and welcome the backing of such an exceptional group of new investors, including AlpInvest, Lexington, and Hamilton Lane. This transaction not only marks a new chapter of grow...................... To view our full article Click here
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