Ropes & Gray Advised Audax Private Debt in Close of $10 Billion Audax Direct Lending Solutions Fund III

Ropes & Gray represented Audax Private Debt in the final close of Audax Direct Lending Solutions Fund III, the largest fund in Audax’s history. The Fund closed at its hard cap with $5.4 billion in equity commitments, above its $4 billion target, and raised $10 billion of investable capital in total. It was significantly oversubscribed and drew nearly double the equity commitments of its predecessor, DLS Fund II, which closed in 2022. The close was announced on Sept. 30.

Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies, with a 26-year track record. Since inception in 2000, Audax Private Debt has invested $56 billion across more than 1,350 transactions and provided financing to over 300 private equity sponsors. The firm provides tailored financing solutions through a comprehensive range of offerings, including first lien, stretch senior, unitranche, second lien, and subordinated debt, as well as equity co-investments.

The team was led by asset management partner Jessica Marlin and included asset management partners Eve Ellis and Peter Laybourn, tax partner Jim Brown, and ERISA partner Josh Lichtenstein.