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Audax raises $1.2 bln for fourth mezzanine fund

Middle-market investor Audax Group closed its fourth mezzanine fund at a hard cap of $1.2 billion, beating its original $1 billion target.

The limited partners of Audax Mezzanine Fund IV include a variety of institutional and high-net worth investors.

The fund will focus on directly sourcing and investing in junior debt securities as well as making co-investments in equity securities.

No information was available on the performance data of Audax’s previous mezzanine funds.

Since its inception in 1999, Audax has raised almost $15 billion in capital and currently manages more than $10 billion via its private debt and private equity transactions, according to the Boston-based firm.

Photo: American dollar notes are displayed in this photo illustration in Johannesburg, August 13, 2014. Reuters/Siphiwe Sibeko