For purposes of this brochure, the “Adviser” means Audax Management Company, LLC, a
Delaware limited liability company, together (where applicable) with its affiliates that provide
advisory services to and/or receive advisory fees from the Funds (as defined below). Such
affiliates are under common control with Audax Management Company, LLC and possess a
substantial identity of personnel and/or equity owners with Audax Management Company, LLC.
Such affiliates are typically formed for tax, regulatory, or other purposes in connection with the
organization of the Funds, or may serve as general partners (“General Partners”) of the Funds.
The Adviser provides investment supervisory services to investment vehicles (each a “Fund” and,
collectively, the “Funds”) that are exempt from registration under the Investment Company Act of
1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities
Act of 1933, as amended (the “Securities Act”).
The Funds make primarily long-term private equity and equity-related investments, as well as
investments in debt instruments. In accordance with the Funds’ respective investment objectives,
guidelines, and restrictions, investments are generally made in a broad range of companies doing
business globally. The Adviser’s advisory services consist of investigating, identifying, and
evaluating investment opportunities, structuring, negotiating, and making investments on behalf
of the Funds, managing
and monitoring the performance of such investments, and disposing of or
realizing such investments.
The Adviser provides investment supervisory services to each Fund in accordance with the
organizational and operational documents of such Fund (such as a limited partnership agreement)
or a separate investment and advisory, investment management, or portfolio management
agreement (each, an “Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable General Partner, and not individually to the investors in the Funds. The individual
needs of the investors in the Funds are not the basis of investment decisions by the Adviser. Other
services are provided to the Funds in accordance with the Advisory Agreements with the Funds
and/or organizational documents of the applicable Fund. Investment restrictions for the Funds,
are generally established in the organizational or offering documents of the applicable Fund and/or
side letter agreements negotiated with investors in the applicable Fund.
The principal owners of Audax Management Company, LLC are Geoffrey S. Rehnert and Marc
B. Wolpow. As indicated on Form ADV Part 1A, the principal owners hold their interest directly
or indirectly through one or more intermediary entities. The Adviser has been in business since
July 1999. As of December 31, 2022, the Adviser’s regulatory assets under management were
$16.2 billion, all of which is managed on a discretionary basis.