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Laxman Pai, Opalesque Asia:

Audax Private Debt has closed its second direct lending fund at $3 billion, beating its $2.25 billion target, to finance private-equity buyouts of middle-market companies.

Audax Direct Lending Solutions Fund II (DLS Fund II) provides New York-based Audax Private Debt with $4.5 billion of total investable capital, according to a press release.

Audax Group's private debt arm said that it 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.

"We are extremely pleased to have again received broad investor interest in our Direct Lending Solutions strategy and want to thank our limited partners. We believe the demand for DLS Fund II reflects our excellent investing track record, our deep experience across multiple credit cycles, and our consistent underwriting approach in a wide variety of economic environments," said Kevin P. Magid, President of Audax Private Debt.

"Coupled with our other senior debt and junior capital funds, the expansion of our unitranche financing capabilities through DLS Fund II further posit......................

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