Audax Private Equity has closed two new funds, Audax Private Equity Fund VII LP (Fund VII) and Audax Private Equity Origins Fund I LP (Origins). Both new funds closed above their targets with Origins closing on $774 million in capital commitments, and Fund VII closing at its hard cap of $5.25 billion in capital commitments.
When Fund VII and Origins are combined with an additional $1.8 billion available through general partner co-investment vehicles, the two funds provide Audax with a total of just over $7.8 billion of capital.
Fund VII and Origins received commitments from a mix of investors across 31 different countries, including public and private pensions, endowments and foundations, sovereign wealth funds, insurance companies, high-net-worth investors and family offices. A substantial majority of these commitments came from existing Audax-related limited partners.
“We are grateful to our limited partners, both long-standing supporters and new relationships,” said Young Lee, a co-president at Audax Private Equity. “The successful fundraises are a testament to our 20-plus year focus on the middle market, the tenure and experience of our team, and Audax’ Buy & Build strategy, which drive the consistency and persistence of our approach against any economic backdrop.”
Audax Private Equity invests in North American-headquartered businesses that are active in the business services, consumer, financial services, healthcare, industrial services and technologies, and software and technology sectors. Fund VII invests in companies with $15 million to $80 million in EBITDA and enterprise values of $125 million to $800 million; and the firm’s new Origins strategy invests in companies with $5 million to $15 million in EBITDA and enterprise values up to $125 million.
“We’re excited to introduce our Origins strategy,” added Keith Palumbo, a co-president at Audax Private Equity. “Our approach remains unchanged — Audax Private Equity’s scale and deep strategic resources provide a distinct competitive advantage to middle and lower middle market companies positioned to accelerate organic and inorganic growth initiatives.”
Fund VII has already invested $1.3 billion across seven platforms and Origins has invested just over $195 million across three platforms. Three recent platform transactions for both strategies include Congress Wealth Management, a Boston-based independent registered investment advisor (July 2023); Pyramid Laboratories, a California-based drug product contract development and manufacturing organization (April 2023); and Krayden, a Denver-based technical distributor of specialty sealants, adhesives, coatings, and encapsulates (April 2023).
“Since our founding in 1999, Audax has established a consistent presence and track record in the North American middle market, which we believe remains one of the most attractive segments in the world to source investment opportunities and execute our Buy & Build strategy,” added Geoff Rehnert, the executive chairman of Audax Private Equity and co-CEO of Audax Group. “We appreciate the continued trust of our investors. We take this responsibility seriously, and value our collaborative and aligned relationships with our limited partners.”
Audax Private Equity was founded in 1999 and has offices in Boston and San Francisco.
Kirkland & Ellis provided legal services to both Fund VII and Origins.
© 2023 Private Equity Professional | July 20, 2023
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- Source: https://peprofessional.com/blog/2023/07/20/audax-private-equity-raises-7-8-billion-for-flagship-fund-and-origins-fund-i/
