Audax Private Equity announced on Jan. 14 the successful closing of its first Continuation Fund, led by AlpInvest Partners, Hamilton Lane and Lexington Partners. The fund is comprised of $1.7 billion in capital commitments, which funded the purchase of portfolio companies from Audax Private Equity Fund IV, a 2012 vintage fund with $1.25 billion in capital commitments. Ropes & Gray acted as legal counsel for AlpInvest Partners and Hamilton Lane.
This is Audax Private Equity’s first GP-led secondary fund. It will provide Audax with additional time and capital to support the continued growth of key portfolio assets. In addition to AlpInvest, Lexington Partners, and Hamilton Lane, other Fund IV limited partners were comprised of a diverse group of secondary and primary investors. All Fund IV limited partners had the option of reinvesting their Fund IV value into the Continuation Fund on status quo terms, or receiving full or partial liquidity.
Ropes & Gray asset management partner Isabel Dische led the team advising AlpInvest Partners which also included asset management partner Adam Dobson and tax partner Dan Kolb. Asset management partner Katie Waite led the team advising Hamilton Lane.
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