Audax Private Equity recently announced it closed two new funds with a combined $7.8 billion.

Audax Private Equity Fund VII was oversubscribed, hitting its hard cap of $5.25 billion.

Audax Private Equity Origins Fund I closed with $774 million, exceeding its initial target. This fund is the firm’s first lower middle market strategy.

When combined with a $1.8 billion commitment from the Audax team, the two funds provide $7.8 billion of equity for deployment.

Audax, with private equity offices in Boston, New York and San Francisco, focuses on investments in middle market companies and has a wide flexibility on investment size. Founded in 1999, the firm targets companies within healthcare and several other industries, specifically those generating between $10 million and $50 million in annual EBITDA.