Audax Private Equity Fund III Has First and Final Close at $1 Billion.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Audax Group today announced it has raised its third private equity fund, Audax Private Equity Fund III. The fund closed Friday, June 1, with a first and final close of $1 billion. Consistent with the strategy for Audax Private Equity Fund II (a $700 million fund which was raised in 2005), Audax Private Equity Fund III will be invested exclusively in control, leveraged acquisitions of middle market companies. Audax Private Equity currently owns 24 portfolio companies with combined revenues of $2.3 billion. The vast majority of capital for Audax Private Equity Fund III comes from existing investors in prior Audax equity and mezzanine funds A mezzanine fund is a type of private equity or merchant banking fund. A typical mezzanine investment consists of a debt or debt-like instrument, paired with an equity “sweetener. . Garz Soule, Managing Director and Director of Investor Development, noted, "There were a handful of new institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. who invested in Audax Private Equity Fund III." Audax Private Equity is part of Audax Group, a leading private equity and debt capital investor in middle market companies. Founded in 1999 by Co-CEOs Geoffrey S Geoffrey (jĕf`rē), 1158–86, duke of Brittany (1171–86); fourth son of Henry II of England. Betrothed (1166) to Constance, heiress of Brittany, he was recognized as heir to the duchy in 1169 and succeeded to it on the death of her . Rehnert and Marc B. Wolpow, with offices in Boston (Private Equity) and New York (Debt Capital Markets), Audax Group has over 80 employees and manages in excess of $3.5 billion in capital. |
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