Audax Group closed its latest mezzanine debt fund, Audax Mezzanine Fund V, at $1.85 billion.

The closing well exceeded its original fundraising target of $1.5 billion, a news release said Thursday.

The previous fund, Audax Mezzanine Fund IV, closed at its hard cap of $1.2 billion in 2016, above its fundraising target of $1 billion. Audax Mezzanine Fund III closed at $1 billion in 2011.

The fund will source junior debt investments in North American private equity sponsor-backed companies, according to the news release.

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Source: Pensions & Investments

By Rob Kozlowski