6 Audax Private Debt has hit a $1.85bn final close for Mezzanine Fund V, beating its $1.5bn target. Fund V is 50% larger than the firm’s predecessor vehicle in the strategy, which it closed on $1.2bn in 2016. The latest fund gathered commitments from returning and new institutional investors in the US, Europe, Asia-Pacific and the Middle East, the firm said. Mezzanine V will continue a strategy of directly source junior debt investments in private equity sponsor-backed companies in North America. Audax Private Debt, the debt investment arm of Audax Group, specializes in established middle market investments through first lien, stretch senior, unitranche, second lien, junior debt and equity co-investment solutions.