Kirkland Advises Audax on Close of $1 Billion Direct Lending Continuation Vehicle

Kirkland & Ellis advised Audax Private Debt, a leading provider of financing solutions for the middle market, on the closing of Audax Direct Lending Solutions Fund I CV, a $1 billion private credit continuation vehicle. Pantheon led and structured the CV transaction. The continuation vehicle was established to acquire a diversified, income-generating portfolio of first-lien senior secured loans and related equity co-investments from Audax Private Debt's Direct Lending Solutions Fund I, which closed on $1.65 billion in capital commitments in January 2019. Through the CV structure, Audax will continue to manage and monitor the assets in the fund.

Read the transaction press release

The Kirkland team included investment funds lawyers Sean Hill, Shreyas Jhaveri, Andrew Silvia, Chris Marano, Yemi Adediran, Sabrina Chartrand, Lizzie Annerino and Cole Halpen; transactional liability lawyer Jessica Sicsu; debt finance lawyers Aditi Iyer, Tony Tsai, Adam Brandy and Ana Rijal; investment funds regulatory lawyers Nicole Horowitz and Gianna Nale; and tax lawyers Rachel Cantor, Brandon Short and Liz Ji.