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Audax closes direct lending fund at $1.65 billion

Audax Group closed its Audax Direct Lending Solutions Fund at $1.65 billion in capital commitments, exceeding its $1.25 billion fundraising target, the firm said in a news release Tuesday.

The fund, managed by alternative money manager's private debt unit, makes debt investments in North American middle-market companies backed by private equity sponsors.

Investors include the $29.8 billion Pennsylvania State Employees' Retirement System, Harrisburg.

A spokeswoman for Audax could not be reached immediately to provide further information.