Audax Private Credit Fund Draws $42.2 Million as Net Assets Reach $563 Million
Audax’s perpetual-life middle-market lender has scaled to a levered $1.1 billion portfolio little more than a year after converting out of a private partnership.
August 21, 2026
Audax Private Credit Fund took in $42.2 million of new equity in its July subscription close, issuing 1,718,450.952 common shares at $24.557 apiece, and reported net asset value of $563.1 million as of June 30, 2026.
The share price matched the fund’s June 30 NAV per share exactly, and the share count was not finalized until August 13. That is the signature of a monthly, NAV-priced private placement rather than a fixed-price offering: investors fund first and learn their share count once the prior month-end valuation is struck.
A balance sheet running at half its ceiling
Behind that equity sits a materially larger balance sheet. As of June 30 the fund reported:
- an investment portfolio carried at $1,127.5 million of fair value;
- $571.6 million of principal debt outstanding;
- debt-to-equity of approximately 1.02 times.
That is roughly half the two turns of leverage available to a BDC operating under a 150 percent asset coverage requirement, leaving the fund with meaningful borrowing capacity before it would need to raise further equity to support new deployment.
An institutional channel, not a retail one
The offering itself remains a private one. Shares were sold under subscription agreements in reliance on Section 4(a)(2) together with Regulation D or Regulation S, with investors representing that they were either accredited or not U.S. persons. That places the vehicle in the institutional and qualified-investor channel rather than the broad retail wealth distribution that has driven asset growth at the largest perpetual non-traded BDCs.
Audax Private Credit Fund was organized as a Delaware limited partnership in mid-2024 and converted into a limited liability company in April 2025 in order to elect business development company status. It is advised by Audax PDB Management Company, an affiliate of Audax Private Debt, the credit arm of Audax Group, and targets senior secured first lien loans to private-equity-backed U.S. middle-market borrowers, with smaller allocations to second lien, subordinated and equity positions.
What to watch next
For allocators, the more useful signal is trajectory rather than the size of any single close. Net assets above half a billion dollars and a levered portfolio past $1.1 billion, little more than a year after the BDC election, indicate a fund that has moved past the ramp phase and into steady-state deployment. The monthly subscription cadence provides a running read on whether that pace holds, and the next disclosures worth watching are the leverage trend and the pricing of subsequent monthly closes against this NAV mark.
