Audax Strategic Capital (ASC), part of Audax Private Equity, has closed its first fund, the Audax Private Equity Solutions Fund, above target, with approximately $1.3 billion in total capital.
The fund’s limited partners comprise a diverse range of domestic and international institutions, with Audax Private Equity contributing approximately 20% of the LP commitments. ASC has already invested roughly a third of its capital across eight deals in North America and Europe, supporting various sponsors.
Investors include public and private pensions, consultants, funds of funds, insurers, asset managers, banks, family offices, and high-net-worth individuals, with commitments from both new and existing investors.
Support: Ropes & Gray served as legal counsel to Audax, and the firm did not use outside placement agents as part of the fundraise.
KEY QUOTES:
“We want to thank our limited partners. Both existing investors and new Audax relationships recognized an opportunity to broaden exposure to middle market private equity investments through a strategy that looks to back performing companies while seeking to mitigate downside risk.”
Don Bramley, Partner at Audax Private Equity, who helps to oversee the ASC strategy
“We believe we can deliver value to sponsors seeking flexible capital solutions to extend their ownership of performing investments by providing an alternative to continuation vehicles. The versatility of our strategy can help create new inflection points for extended portfolio company growth.”
Kumber Husain and Daniel Green, Managing Directors of ASC based in New York and London, respectively
“The strategy is premised on delivering capital for growth and solving bespoke portfolio management challenges at the middle to later stages of the investment lifecycle. Through non-control, mid-hold equity investments, ASC can facilitate passive shareholder liquidity, help GPs manage concentration limits, and has the flexibility to enable cross-fund investments.”
David Wong, who also helps to oversee Audax Strategic Capital and is a Partner at Audax Private Equity
“For 25-plus years, we’ve executed, refined and invested in the Audax ‘value agenda,’ which characterizes our bottom-up, multi-layered approach seeking to drive sustainable growth. We believe our scale, breadth of resources, and experience in the middle market help to set us apart as partners for growth. ASC represents a natural extension of our investment in these areas and builds upon our partnership philosophy. We truly appreciate our relationships that help to make it possible.”
Young Lee and Keith Palumbo, Partners and Co-Presidents of Audax Private Equity
