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Audax Group Closes Senior Loan Fund III With $1.6B of Investable Capital

October 18, 2016, 07:03 AM
Filed Under: Industry News

Audax Group, a leading alternative asset management firm specializing in investments in North American middle market companies, announced the successful final close of Audax Senior Loan Fund III (“SLF III” or “the Fund”) at its hard cap of $500 million of committed equity. SLF III was oversubscribed and exceeded its fundraising target of $400 million of equity. The Fund will employ modest leverage, utilizing a credit facility of over $1.1 billion in commitments, bringing the total investable capital of the Fund to over $1.6 billion.

The investment strategy of SLF III will remain consistent with that of the Audax Senior Debt business, investing primarily in first lien senior secured loans to U.S. middle market companies as part of private equity-sponsored buyouts.

Since its founding in 1999, Audax has raised over $15 billion of capital and currently manages more than $11 billion through its private debt and private equity businesses. Audax Senior Debt, part of Audax Private Debt, is based in New York. Audax also has offices in Boston and Menlo Park. The firm raises its capital from a broad mix of U.S. and international institutional investors, including public and corporate pension funds, insurance companies, endowments and foundations, and high net worth families, in addition to a significant commitment from the firm’s senior professionals.

"We appreciate the support from our existing and new investors and thank them for their commitment to Audax," said Co-Chief Executive Officers, Geoffrey S. Rehnert and Marc B. Wolpow. “The continued demand for our senior debt products underscores the capability of our team, our differentiated approach, and our investors’ confidence in our consistent track record of delivering attractive risk-adjusted returns.”

“The success of our fundraise for Audax Senior Loan Fund III follows the recently oversubscribed $1.2 billion Audax Mezzanine Fund IV. Combined, these two vehicles added over $2.8 billion for Audax Private Debt to invest in senior and junior debt of middle market companies,” noted Kevin P. Magid, Managing Director and head of the Audax Private Debt business.

“We are pleased with the significant investor support for SLF III,” said Michael P. McGonigle, Managing Director and co-head of Audax Senior Debt. “We look forward to continuing to utilize our team's extensive credit experience and the Audax Group platform to pursue senior debt financing opportunities in private U.S. middle market transactions.”

Audax Group is an alternative asset management firm specializing in investments in middle-market companies. Audax has over $11 billion in assets under management in its private debt and private equity businesses.

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