Audax hits $1.25bn hard-cap for Fund IV

The lower mid-market firm exceeded its $1bn target by raising capital primarily from LPs in North America, Europe and Australia.

Lower mid-market firm Audax Group has closed its latest buyout fund on its $1.25 billion hard-cap.

Audax launched the fund in 2011 with a $1 billion target. The firm raised the majority of the capital for Fund IV from limited partners in North America, Europe and Australia. Fund IV will have the same strategy as Audax’s previous $1 billion fund raised in 2007, making control investments in lower mid-market businesses in North America.

Audax was unavailable for comment at press time.

Limited partners in Fund IV include the Montana Board of Investments and the New Mexico Educational Retirement Board, according to Private Equity Connect.

In addition to its buyout funds, Audax also manages a mezzanine debt fund, Audax Mezzanine Fund III, which closed last year on $1 billion, and a senior debt fund, Audax Credit Opportunities Fund.

The firm owns 35 portfolio companies with combined revenues of $6 billion. Audax is based in Boston and New York and has more than $5 billion of assets under management.