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