Audax Targets $1B For Fund IV

Buyout shop Audax Group is targeting $1 billion for its fourth fund, Audax Private Equity Fund IV, L.P., according to a regulatory filing. Audax, based in Boston, invests primarily in lower-middle market companies. The firm closed its third fund in 2007 with $1 billion in capital commitments. More recently, the firm announced last week that it had exited its investment in ColorMatrix in a $486 million sale to chemical maker PolyOne Corp.