Audax Private Debt

Audax PD Questions. Removed original post for privacy reasons. The below Associate 2 in VC has done an excellent job answering questions and providing info on the firm.

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Comments (13)

  • Intern in IB - Gen
Oct 7, 2021 - 1:46am

I have experience with the private equity side of Audax but not private debt (also as intern, not full time).

From what I observed, compensation was pretty in-line with street, experience was great. Hours was pretty tough though. Not sure about exits or anything else, sorry wish I could be more helpful

  • Intern in IB - Cov
Oct 12, 2021 - 11:27am

One of my friends was an analyst on the PE side. Can confirm in-line comp with MM buyout shops but it is also the grindhouse of private equity.

Oct 8, 2021 - 11:51am

I've come across them before, though I work in the fundraising/placement agent business. I've seen their different credit strategies and my impression was solid with pretty good returns. I've read their WLB is non-existent (though this may only be on the PE side, totally unsure). They are definitely a reputable shop from what I've gathered. I think their AUM is heavier on the private debt side than traditional LBO PE. I believe the shops founded and run by a bunch of ex-Bain people.

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  • Associate 2 in VC
Oct 9, 2021 - 1:05am

Close mate went through Analyst program. A couple thoughts:

1. Whereas the PE Analyst program was established many yrs ago, the PD Analyst program is relatively new - I don't have an exact number but I'd estimate it's been around ~5 yrs formally.

2. Audax Group was initially founded as a PE shop, and the founders were ex-Bain Capital folks. The PD arm of the firm was launched in later years. The PD arm does not have anyone from Bain - you can check the firm's website to be sure.

3. No idea on comp. Audax PE analysts got a substantial raise (which comes out to ~115k base, ~170k total?) following the raises for IB analysts. Was told by a friend that prior to that change, PD Analysts were compensated similarly prior to that raise, so they also probably got some boost.

4. WLB-wise, Audax PD is a LOT better than PE and IB (as are most mezz debt funds). My friend was probably working ~70-80 hrs tops, with a fair number of wks ~50-60. Limited weekend work. Not too many fire drills either. Pretty decent culture, though it'd help to be an athlete to fit in since many of the folks there played college sports.

Idk about performance and exit opps. Seems most Analysts were promoted to Associates after 1 yr, then either left for b-school or went to other credit funds. I've heard of some switching to PE as well.

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  • Prospect in IB-M&A
Oct 9, 2021 - 10:32pm

Do you know what their b-school placement is like? And what did your mate think of the rigor of the work that he was doing and the rigor of his training? As you said, the program is very new so would appreciate knowing whether your friend thought he was technically prepared for PE roles. And if you know the extent of the work he was doing, do you know if the unitranche work was vanilla or hairy? I presume the Mezz lending at L+1200 is very hairy. Even if you don't have an answer to these questions, thank you so much! Your answer is very helpful!

  • Associate 2 in VC
Oct 9, 2021 - 11:52pm

1. On B-school placement: Friend said lots of M7 but not sure about HSW.  Audax PD has been doing a pretty great job at internal promotion, so a fair number of Associates have stayed on longer to be Senior Associate or VP's without going to b-school. And since they have decent culture (you won't get burnt out as easily as you would in PE or IB), people do stay.

2. On training: Audax PE and PD do a lot of their training together, both at the SA level and FT level. Friend seemed pretty satisfied - he got plenty of exposure to modeling if that's what you're curious about.

3. On technical prep: Yes, if you go through the program, you should be technically prepared for PE roles, though probably more so at the MM/LMM level than above. Headhunters actually reached out to him for PE roles quite a bit. I recall he spent a serious amount of time actually interviewing with a few. He mentioned that headhunters are now used to seeing more PE/PD Analysts and are more open to considering them for Associate roles (as opposed to just IB analysts).

4. On work: most of the deals weren't all that hairy (maybe that's tied to the decent WLB). That said, he did interview with quite a few distressed debt credit firms later on.

  • Analyst 2 in IB - Cov
Oct 9, 2021 - 11:02pm

Thanks, Sbed. Realize this is a tough question to answer, but what private debt firms would you say have the best combination of comp & culture? Have heard good things about Prospect & Comvest and your post above on Audax is encouraging.

  • Associate 2 in VC
Oct 10, 2021 - 12:01am

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