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Alternative Market Briefing

Audax collects $1.85bn for new mezzanine fund fund

Friday, May 07, 2021

Laxman Pai, Opalesque Asia:

The alternative investment manager Audax Private Debt has closed on $1.85bn for its fifth mezzanine fund to target private equity-backed mid-market businesses.

The closing of Audax Mezzanine Fund V (Mezz Fund V) well exceeded its original fundraising target of $1.5 billion, said a press note from the debt financing unit of multi-strategy investment firm Audax Group.

The previous fund, Audax Mezzanine Fund IV, closed at its hard cap of $1.2 billion in 2016, above its fundraising target of $1 billion. Audax Mezzanine Fund III closed at $1 billion in 2011.

New York-based Audax Private Debt invests in private equity-backed mid-market companies through a variety of strategies, including first- and second-lien and junior debt as well as equity co-investments.

"Audax Private Debt invests in established middle-market companies through first lien, stretch senior, unitranche, second lien, junior debt, and equity co-investment solutions. With the successful closing of Mezz Fund V, Audax Private Debt will continue to execute on its proven strategy of directly sourcing junior debt investments in private equity sponsor-backed companies in North America," said the release.

Mezz Fund V received commitments from a diverse set of both returning and new institutional investors in the U.S., Europe, Asia?€?Pacific, and the Middle East.

Investors include Florida State Board of Administration, Tallahassee; Minnesota State Board of Investment, St. Pau......................

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