Audax Group's debt financing unit raised $1.65 billion for the Audax Direct Lending Solutions Fund, surpassing its $1.25 billion target.

The fund has more than $2.6 billion of available capital to invest in North American middle-market companies backed by private equity firms. It attracted institutional investors from the U.S., Europe, Asia‐Pacific, the Middle East, Canada and Latin America.

Audax Private Debt will directly source debt investments through the fund, and it will provide uni-tranche and stretch senior financing of as much as $175 million per transaction.

Audax Group is an alternative investment manager that targets middle-market companies in North America.