Audax Private Debt announced that, as Sole Lead Arranger, it provided a unitranche credit facility to support the acquisition of Foundation Source Philanthropic Services, Inc. (“Foundation Source” or the “Company”), the nation’s largest provider of comprehensive support services to private foundations, by Incline Equity Partners.

Headquartered in Fairfield, CT, Foundation Source provides services and support to a wide range of family, corporate, and professionally staffed foundations nationwide. The Company’s complete outsourced solution includes foundation creation, philanthropic advisory, compliance monitoring, financial reporting, tax and legal services, administrative support, as well as online foundation management tools.

“Foundation Source is a provider of foundation management services and philanthropic advice, bringing its knowledge and expertise to clients across the country,” said Peter Stern, Managing Director at Audax Private Debt. “The Company’s growth over the past two decades is a testament to the strength of the Foundation Source team, and we look forward to supporting management and Incline as they continue to build upon the business’s momentum and success in this next chapter.”

“Audax Private Debt has been a reliable financing partner throughout our diligence and investment process, operating thoughtfully and efficiently to respond to our investment needs,” said Joe Choorapuzha, Partner at Incline Equity Partners. “The Audax team has an excellent track record and we are excited to be working with them as we execute our growth plans for the business.”

About Audax Private Debt
Audax Private Debt has invested over $19 billion across more than 775 established middle market companies in support of over 220 private equity sponsors. Our platform offers a range of financing solutions, including first lien, stretch senior, unitranche, second lien, subordinated debt, and equity co-investments. We provide financing certainty, add-on investment capability, and the experience and collaborative approach to work with portfolio companies. Based in New York, our experienced team of investment professionals has built lasting relationships, establishing Audax Private Debt as a trusted name and leader in the U.S. middle market. For more information, visit the Audax Private Debt website www.audaxprivatedebt.com.

Audax Private Debt is an integral part of Audax Group, a leading alternative investment manager headquartered in Boston with offices in New York and San Francisco. Since its founding in 1999, the firm has raised over $25 billion in capital across its Private Debt and Private Equity businesses.

About Foundation Source
Foundation Source is the nation’s largest provider of comprehensive support services for private foundations. Our complete outsourced solution includes foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax and legal expertise, and online foundation management tools.

Now in our second decade, Foundation Source provides its services to more than 1,600 family, corporate, and professionally staffed foundations, of all sizes, nationwide. We work in partnership with wealth management firms, law firms, accounting firms, and family offices as well as directly with individuals and families. Foundation Source is headquartered in Fairfield, Connecticut.