The Audax Group has raised a $700 million private equity fund called Audax Mezzanine Fund II, raising commitments from 83 investors, according to a regulatory filing. The fund follows a $440 million mezzanine fund raised in 2000.
The fund will be run by Geoffrey Rehnert and Marc Wolpow. Both are former managing directors of Bain Capital.
The mezzanine group inside of Audax invests in public and private middle market companies with stable cash flows and top-line growth. It has invested in such companies as API Heat Transfer Technologies, Burt’s Bees and American Coin Merchandising, but avoids startups and cyclical industries. Its target investment size is between $8 million and $50 million.
Former limited partners in Audax funds include the University of Virginia Investment Management Company, Harvard Management Co., J.P. Morgan Partners and MIT Private Equity, according to CapitalIQ.
Audax Mezzanine Fund II will join Audax Private Equity Fund II, a $700 million investment vehicle raised in 2004. Audax also launched a $75 million venture fund in 2000. —Alexander Haislip