Audax Group closes fifth fund at $2.25 billion

Audax Group closed its $2.25 billion Audax Private Equity Fund V, said a spokesman.

The fund was closed at its hard cap and exceeded its original $1.75 billion fundraising target.

Audax Private Equity Fund V, like its predecessors, invests primarily in North American middle-market companies. The two previous funds closed at $1 billion and $1.25 billion in 2007 and 2013, respectively.

Investors include the $68.1 billion Virginia Retirement System, Richmond; $27.6 billion Pennsylvania State Employees’ Retirement System, Harrisburg; and the Montana State Board of Investments, Helena, which oversees nine pension funds with combined assets of about $9.8 billion.