Just closed: Audax raises $1.2bn

Minnesota State Board of Investment and the Alaska Permanent Fund both committed to the fund.

Audax Group has closed its fourth mezzanine fund at the $1.2 billion hard-cap, having launched in April 2015. The capital will be invested in junior debt securities across North American mid-market companies.

Audax Mezzanine III, the fund's predecessor, held a final close at $1 billion in January 2011.

Minnesota State Board of Investment and the Alaska Permanent Fund are two of a large group of institutional and high net worth investors which committed capital to this vehicle.