Audax Private Debt closed its second direct lending fund with $3 billion of committed capital, building up its platform in the space to $4.5 billion, officials said.
Audax Direct Lending Solutions Fund II (DLS Fund II) is focused on providing debt capital to middle market companies providing senior secured unitranche and stretch senior financings. The offering, officials said, is complementary to other financing solutions under the $20 billion firm’s umbrella. Actively investing through its second fund, the firm has issued $1.6 billion of loan commitments to date.
“Coupled with our other senior debt and junior capital funds, the expansion of our unitranche financing capabilities through DLS Fund II further positions Audax Private Debt as a lender of choice to private equity borrowers,” said Kevin Magid, president of Audax Private Debt.
DLS Fund I, which is in its reinvestment period, closed in 2018 with $2.6 billion of investable capital. Including the first fund, the closing of DLS Fund II bring Audax’s total investible capital for unitranche financing to over $7 billion.
“The capital raised in DLS II will allow us to provide unitranche and stretch senior financing of up to $200 million per transaction,” said Rahman Vahabzadeh and Steve Ruby, co-heads of origination at Audax Private Debt., in a statement. “Historically, it’s in these types of environments – when capital has become constrained – that our value proposition as a sophisticated and thoughtful financing partner distinguishes our approach in direct lending.”