BOSTON and SAN FRANCISCO, May 23, 2023 – Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, today published its inaugural Audax Charitable Foundation (“ACF”) annual report. The annual report aims to document and celebrate the progress of ACF grantees, while outlining the goals behind ACF’s charitable giving.
The mission of ACF is to positively impact the local communities where Audax Private Equity operates by supporting grassroots, charitable programs in the greater Boston and San Francisco metropolitan areas. The giving strategy of ACF revolves around four core areas: Education, Healthcare, Social Support & Services, and Arts & Cultural Programs.
“We are grateful to our employees for the work that went into launching the Audax Charitable Foundation and excited, both, by the support we’ve received and the dedication of those whose missions we are backing,” said Pamela Martin, Senior Managing Director, Audax Private Equity. “Audax Charitable Foundation allows us to amplify the impact of our grantees and provide an enduring way for our employees to engage in and give back to our local communities.”
To be considered for a grant, organizations need to be nominated by an Audax Private Equity employee during one of ACF’s two funding cycles that occur annually. A selection committee comprising a cross-section of Audax employees determines which organizations receive grants. The committee prioritizes local charities filling unmet needs and grassroots organizations, whose impact can scale with ACF funding. The selection committee also prioritizes organizations that provide engagement opportunities for our employees.
“At Audax, our focus on the middle and lower middle market allows us to partner with businesses in which our scale and resources provide a material competitive advantage to drive profitable growth across our portfolio,” added Young Lee, Partner and Co-President, Audax Private Equity. “The same philosophy guides our philanthropy. ACF, in its charter, aims to work with local, grassroots organizations who will most benefit from our grants to amplify their impact and reach more people.”
“Another defining characteristic of ACF is that it’s very much an employee-driven initiative at Audax,” added Keith Palumbo, Partner and Co-President, Audax Private Equity. “This informed the foundation’s focus on Boston and San Francisco — where our employees can engage directly with our grantees and volunteer their time — as well as the process that determines how grants are awarded.”
Since the Fall 2021 funding cycle, as detailed in the 2022 annual report, ACF has reached several significant milestones:
• Awarding 14 grants to local charities;
• Contributing approximately $750,000 in total commitments;
• Completing the transition from a donor-advised fund to a 501(c)(3) nonprofit organization;
• Welcoming Allison Sobel, who joined ACF from the Boys & Girls Clubs of Boston;
• And hosting our inaugural golf fundraising event to celebrate our local charities with our valued donors.
“The launch of ACF would not have been possible without the hands-on leadership and enthusiasm of the entire Audax Private Equity team, the collaboration with our trusted donors and partners, and the incredible work of the charitable organizations receiving ACF grants,” added Geoff Rehnert, Audax Group Co-Founder and CEO and Executive Chairman, Audax Private Equity. “We are tremendously grateful to everyone involved for their shared sense of responsibility in supporting meaningful change and look forward to continuing our strong momentum for the program in 2023 and beyond.”
In the inaugural report, Audax is thrilled to share updates from some of the organizations who have received ACF grants, including: Larkin Street Youth Services, Food Link, Haley House, More Than Words, Room to Grow, The Wily Network, Big Sister Boston, Boston Day and Evening Academy, Boston Rescue Mission, Minds Matter Boston, Bottom Line, Women's Lunch Place, and Horizons for Homeless Children.
“Over a three-year period, the Audax Charitable Foundation is supporting our work with partners who provide wrap-around services to those facing food insecurity,” said Rachel Albert, Executive Director, Food Link MA. “These services include education, job training, housing, addiction recovery, and other supports that promote stability and self-sufficiency. Audax Private Equity staff learned firsthand about our food-rescue work when members of their team joined us at Food Link for a volunteer shift. With the support of ACF, Food Link anticipates reaching 8,000 people facing food insecurity.”
For more information about the Audax Charitable Foundation, please find the full 2022 ACF Annual Report here.
Based in Boston and San Francisco, Audax Private Equity is a leading middle market investment firm with approximately $16 billion of assets under management, over 185 employees, and 85-plus investment professionals. Since its founding in 1999, the firm has invested in more than 160 platforms and 1,200 add-on acquisitions. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute on organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value.
Audax Private Equity is a part of Audax Group, a leading alternative investment manager with approximately $36 billion of assets under management. For more information, visit audaxprivateequity.com or follow us on LinkedIn.
