Daily News: January 9, 2019

Audax Secures $2.6B in Capital for Direct Lending Fund


Audax Private Debt, the debt financing unit of alternative investment manager Audax Group, successfully closed the Audax Direct Lending Solutions Fund (DLS) with $1.65 billion in capital commitments.

DLS exceeded its fundraising target of $1.25 billion with commitments from a diverse set of institutional investors from the U.S., Europe, Asia-Pacific, the Middle East, Canada and Latin America. Including anticipated leverage, DLS has over $2.6 billion in total capital available to deploy on behalf of North American middle market companies.

With DLS, Audax Private Debt will continue to directly source debt investments in private equity sponsor-backed middle market companies. The fund will also enables Audax Private Debt to utilize its senior and junior debt underwriting expertise to provide unitranche and stretch senior financings of up to $175 million per transaction.

“We are pleased to have received broad investor support for our newest product offering and would like to thank our new and existing investors for their commitment to the firm,” said Kevin P. Magid, managing director and head of Audax Private Debt. “Direct Lending Solutions enhances our financing capabilities, and together with our senior debt and mezzanine debt funds, allows us to provide an extensive variety of financing solutions to our private equity clients.”

Founded in 1999, with offices in New York, Boston and San Francisco, Audax Group is an alternative investment manager that has raised over $24 billion in capital across its Private Debt and Private Equity businesses. It has more than 240 employees and over 110 investment professionals.