The consumer-focused private equity firm is also weighing bringing in global co-investors, including from Asia, as Hyrox gains traction across mainland China, Hong Kong, Singapore, and Tokyo.

The fund, known as SF2, comes in about 75% larger than its predecessor, the Strategic Financials Fund, drawing strong re-ups from existing investors alongside a number of new commitments.

As part of the transaction, Audax will retain a minority equity stake in FCH, continuing to back the company alongside Blackstone and management. The rollover keeps the seller exposed to further upside in a segment where demand is accelerating.

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