Audax Private Debt, a leading provider of financing solutions for the middle market, has announced the closing of Audax Direct Lending Solutions Fund I CV, a $1.0 billion private credit continuation vehicle led by Pantheon, a leading global credit secondaries solutions investor.
The continuation vehicle was established to acquire a diversified, income-generating portfolio of first-lien senior secured loans and related equity co-investments from Audax Private Debt’s Direct Lending Solutions Fund I, which closed on $1.65 billion in capital commitments in January 2019.
Audax Private Debt has invested $52 billion in support of over 295 private equity sponsors since its inception in 2000, with senior leadership averaging 35 years in private credit and 23 years working together at the firm. Pantheon manages approximately $85 billion in discretionary assets under management and has been at the forefront of private markets investing for more than 40 years.
Support:
PJT Partners served as financial advisor on the transaction. Kirkland and Ellis acted as legal counsel to Audax Private Debt, and Hogan Lovells served as legal counsel to Pantheon.
KEY QUOTES:
“This transaction underscores the strength and stability of the DLS I portfolio, our commitment to underwriting discipline, and our longstanding credit-first approach, which have contributed to our performance across market and economic cycles. It also speaks to our ongoing efforts to deliver flexibility to our investors and optimize outcomes across our many stakeholders.”
Kevin Magid, Chief Executive Officer, Audax Private Debt
“We’ve known the Audax team for decades and are excited to partner with them to complete this investment. As lead investor, we applied our credit, scale and GP solution expertise to deliver a tailored solution, accessing a high-quality, income-generating portfolio.”
Rakesh Jain, Global Head of Private Credit, Pantheon
“The CV provides a compelling solution to manage fund-maturity cycles for our investors, while positioning ourselves as a long-term partner to sponsors. The DLS I CV provides a truly bespoke solution for our investor base, calibrated to meet and deliver outcomes aligned to their longer-term needs.”
Steve Ruby and Rahman Vahabzadeh, Managing Partners, Audax Private Debt
