Audax Group closed its latest mezzanine fund, Audax Mezzanine Fund IV, at $1.2 billion, its hard cap, a spokesman said in an e-mail.
Audax’s prior mezzanine fund — Audax Mezzanine Fund III — closed with $1 billion in 2011.
The fund exceeded its $1 billion fundraising target and was oversubscribed. It is expected to invest in junior debt securities and co-invest in equity securities. The fund will focus on direct lending to domestic middle-market companies as part of private equity-backed buyouts, recapitalizations, financings or acquisitions, a news release said.
Investors in the fund include the $83 billion Minnesota State Board of Investment, St. Paul.
