Audax Group held a first and final close of its latest middle-market private equity fund, Audax Private Equity Fund VI, at its $3.5 billion hard cap, a news release said.
The fund will continue Audax's strategy of investing in North American middle-market companies. The latest fund collected 56% more capital than Audax's 2015 prior fund, the $2.25 billion Audax Private Equity Fund V.
Audax Group's sixth fund was significantly oversubscribed by a global set of investors, including the $78.6 billion Virginia Retirement System, Richmond and $29.3 billion Pennsylvania State Employees' Retirement System, Harrisburg.
An Audax representative declined to comment beyond the news release.