Audax Group’s private debt arm has reached the fundraising limit for its latest direct-lending vehicle, collecting $3bn to finance private-equity buyouts of middle-market companies.

The firm exceeded its $2.25bn fundraising target for the vehicle, Audax Direct Lending Solutions Fund II, according to a statement Thursday from New York-based Audax Private Debt. Including leverage, the fund amassed a total of $4.5bn of investible capital.

Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its Private Equity and Private Debt businesses.

With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies.

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Last year Audax Group announced the firm’s inaugural strategy under its new Audax Strategic Capital business platform. Industry veterans Kumber Husain and Daniel Green, who joined Audax during the late summer from DWS Private Equity, will oversee the ASC platform’s strategy focused on ‘mid-hold’ private equity opportunities.

ASC will partner with sponsors to enable continued investment in middle market companies, particularly initiatives to drive organic growth and pursue M&A opportunities.

Source: WSJ

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