Audax Private Equity has closed its latest middle-market buyout fund Audax Private Equity Fund VII, at its hard cap of $5.25 billion in commitments, and its Audax Private Equity Origins Fund at $774 million, a news release said Tuesday.
Audax Private Equity Fund VII continues the alternative manager's strategy of investing in North American middle-market companies in the business services, consumer, financial services, healthcare, industrial services and technologies, and software and technology sectors, according to the news release.
The Audax Private Equity Origins Fund is the firm's debut lower middle-market buyout fund, the release said. The two funds also combined for an additional $1.8 billion in general partner co-investment commitments: $1.53 billion for Fund VII and $233 million for the Origins Fund.
Investors in Audax Private Equity Fund VII include the $102.9 billion Virginia Retirement System, Richmond; $64.4 billion Maryland State Retirement & Pension System, Baltimore; $24.9 billion Montana Board of Investments, Helena; and the $2.6 billion Stanislaus County Employees' Retirement Association, Modesto, Calif.