Audax Buyout Fundraising On Hold, Mezz Fund Full Speed Ahead
The Audax Group will wait to come to market with its fourth buyout fund, despite several months of pre-marketing, the firm told peHUB. According to Co-CEO Geoff Rehnert, Boston-based Audax made the decision because it hasn’t deployed enough of its current fund to justify raising another. Even after doing ten add-on transactions this year, Fund III is only around 50% deployed. That means the firm is sitting on around $500 million of the $1 billion pool, which closed in 2007. Audax Private Equity invests $10 million to $100 million in transactions valued between $25 million and $500 million. Rehnert wrote in an email: “Last Fall, we anticipated we would be further along investing Fund III at this point in time, but our investment pace has slowed as credit tightened and deal activity has slowed.” The fourth fund is expected to have a similar target to its predecessor.
