Audax mezz fund raises $906m

An SEC filing reveals that Audax has raised $906m for its fourth fund, which targets mezzanine deals of between $15m and $100m.

Investment firm Audax Group has raised $906 million for its fourth mezzanine fund, according to a US Securities and Exchange Commission filing published on Wednesday (6 April).

The Audax Mezzanine Fund IV is aiming to raise $1 billion for the fund, Dow Jones reported last year. The fund, which has not yet closed, targets mezzanine debt deals between $15 million and $100 million and unitranche loans of up to $150 million. Audax Mezzanine Fund III, the previous fund, raised $1 billion after it closed in 2011.

Both the Minnesota State Board of Investment and the Alaska Permanent Fund have contributed to the latest fund, investing $100 million and $50 million respectively, according to PDI Research & Analytics.

Audax did not respond to a request for comment.

Audax chief executives Geoffrey Rehnert and Marc Wolpow are named on the filing, as well as managing directors Kevin Magid and Peter Gummeson.

In February, PDI reported that Audax Group started raising capital for its third senior debt fund, Audax Senior Loan Fund III.

The Audax Group was founded in 1999 by Rehnert and Wolpow and manages more than $9 billion of assets across its private equity, mezzanine debt and private senior debt platforms, according to its website. Audax Mezzanine was established a year later to assist with the financing of middle market companies by providing subordinated debt, unitranche loans and junior secured notes.