The firm hopes to raise $10bn in the next five years for the WCF strategy, which targets short-term financing needs of major corporates.
The Article 8, unit-linked product will allow commitments from €5,000.
Some of the capital for the non-sponsored senior loan fund is coming from a strategic partner.
The firm, founded by two former KKR executives, will provide entrepreneur-led businesses with debt and equity capital.
Fundraising activity remained strong in 2022 but the number of funds fell to its lowest level since 2012.
The vehicle will provide both debt and equity investments for growing firms across central Europe.
Including targeted leverage, the DLS Fund II closing provides Audax with $4.5bn of total investable capital.
A new fund in a 26-year-old series focuses on North American corporates.
Los Angeles-based Ares launched its fifth flagship infrastructure debt fund in November 2020.
The vehicle, which features an innovative liquidity structure, provides financing to encourage growth and ESG improvement at corporate SMEs in the Asia-Pacific region.