– Audax Private Debt has announced the final close of Audax Direct Lending Solutions Fund III (DLS Fund III)with $10 billion of investable capital, including leverage, co-investment vehicles and GP commitments.
– The fund closed at its $5.4 billion hard cap in equity commitments, significantly exceeding its $4 billion target.
– DLS Fund III attracted nearly 2x the equity commitments of its predecessor, DLS Fund II, which closed with $3 billion in 2022.
– With the new fund, Audax Private Debt manages more than $30 billion in total assets focused on the core middle market.
– Since its inception in 2000, Audax Private Debt has raised more than $47 billion.
– DLS Fund III provides debt financing to private equity-owned middle-market companies, with commitments of up to $350 million per transaction.
– The fund is already deploying capital and has committed approximately $1.5 billion to investments to date.
– Kevin Magid, CEO, said the fund represents an important milestone and strengthens Audax Private Debt’s ability to provide financing solutions to the core middle market.
– Steven Ruby and Rahman Vahabzadeh, Managing Partners, said the fund will support borrowers and private equity clients with flexible, scalable financing while maintaining selective capital deployment.
– The fund attracted commitments from more than 100 institutional investors globally, including pension funds, sovereign wealth funds, insurers, family offices, endowments, foundations and high-net-worth investors across North America, Europe, Asia-Pacific, Latin America and the Middle East.
