Firm: Audax Group
Fund: Audax Private Equity Fund IV LP
Target: $1 billion
Fund: Audax Mezzanine Fund II
Target: $750 million
According to Co-CEO Geoff Rehnert, the Boston-based shop made the decision because it hasn’t deployed enough of its current fund,
Rehnert wrote in an email: “Last fall, we anticipated we would be further along investing Fund III at this point in time, but our investment pace has slowed as credit tightened and deal activity has slowed.” The fourth fund is expected to have a similar target to its predecessor.
Rehnert said Audax anticipates it will have deployed at least 75 percent of Fund III by the fourth quarter, a level more in line with re-entering the fundraising market.
Audax’s mezzanine practice, on the other hand, is going full speed ahead.
Audax also has a senior loan fund which has been investing since 2007. The vehicle isn’t open for new investors but “may reopen at a later date,” Rehnert said.
Audax’s first buyout fund,