Audax Private Debt Raises $3B for Second Direct Lending Fund

Audax Private Debt, the debt arm of Audax Group, closed its second direct lending fund – Audax Direct Lending Solutions Fund II – with a $3 billion raise, surpassing its $2.25 billion target. The fund now provides Audax with $4.5 billion of total investable capital.

The fund focuses on providing capital to middle market companies providing senior secured unitranche and stretch senior financings. The offering is complementary to other financing solutions under the NY-based firm’s umbrella. Actively investing through its second fund, the firm has issued $1.6 billion in loan commitments to date.

DLS Fund I, which is in its reinvestment period, closed in 2018 with $2.6 billion of investable capital. DLS Fund II brings Audax’ total capital for unitranche financing to over $7 billion, including the first fund.

DLS Fund II attracted commitments from a diverse mix of global institutional investors from the US, Canada, Europe, Asia-Pacific, the Middle East, and Latin America. Investors include leading pension funds, sovereign wealth funds, insurance companies, family offices, endowments and foundations.

Since inception, Audax has invested over $34 billion across more than 1,200 companies in support of over 275 private equity sponsors.