Audax believes firmly in alignment of interests
and supporting management teams as needed

Alignment of Interest

▪ Audax employees are the largest investor in Audax funds (~20% of Fund VI capital)
▪ Audax economics are driven by returns on co-invest, not management fees

Capital Structure (Single Equity Class)

▪Audax uses one class of equity (common equity), and has no preference over management

Leverage/Value Creation

▪ Audax is a firm believer in organic growth and add-ons as the primary tools for generating value. Maximizing leverage is not the focus for value creation
▪ With a broad portfolio and flexible timelines for exit, Audax does not need to show quick realizations on businesses but can invest and hold as necessary to maximize value creation

Ability to Scale

▪ Audax is currently investing out of a $3.5bn fund (~$4.25bn with co-invest), significant capacity to build CMS into a significantly larger business than it is today

Audax Private Equity: Key Stats
and supporting management teams as needed

• $9.2 billion of capital raised across 6 funds
• Fund VI, raised in 2018, is $3.5 billion of capital
• CMS is an investment in Fund VI
• 136 Platform Transactions and 925+ Add-On Transactions Completed
• 82 realized investments; 30% IRR and 2.6x MoM on Realized Buyout Investments

The Audax Approach