Audax Group closed its latest mezzanine debt fund, Audax Mezzanine Fund V, at $1.85 billion.
The closing well exceeded its original fundraising target of $1.5 billion, a news release said Thursday.
The previous fund, Audax Mezzanine Fund IV, closed at its hard cap of $1.2 billion in 2016, above its fundraising target of $1 billion. Audax Mezzanine Fund III closed at $1 billion in 2011.
The fund will source junior debt investments in North American private equity sponsor-backed companies, according to the news release.
Investors include the $245.8 billion Florida State Board of Administration, Tallahassee; the $114.4 billion Minnesota State Board of Investment, St. Paul; the $93.6 billion Virginia Retirement System, Richmond; the $73.8 billion Alaska Permanent Fund Corp., Juneau; the $24 billion Louisiana Teachers' Retirement System, Baton Rouge.
A spokesman could not be immediately reached for further information.