Audax closes $1bn fund

The Boston middle-market Bain spin-out has closed its third private equity fund on $1 billion.

Audax Group has closed its third private equity fund, rounding up a total of $1 billion (€741 million) in commitments.

Audax Private Equity Fund III is a follow up to Fund II, which closed on $700 million in 2005.

Boston-based Audax Group also manages mezzanine debt funds managed out of a New York office. The firm was founded in 1999 as a spin-out from Boston private equity firm Bain Capital. It is led by Geoffrey Rehnert and Marc Wolpow.

In a statement, Garz Soule, managing director at Audax Group, said the new fund has a “handful of new institutional investors”.

Last month, Audax Group’s private equity team announced Audax Group announced the sale of Coast Crane Company to Northwest Capital Appreciation.