Quad-C eyes $900m for Fund VIII

The Virginia-based mid-market firm closed its prior fund on $850m in 2006.

Virginia-based Quad-C Management is currently raising its eighth fund with a $900 million target and $1 billion hard cap, according to market sources.

The firm wants to raise slightly more for Fund VIII than its predecessor, which closed on $850 million in 2006, according to PEI’s data source Private Equity Connect. As of 30 September 2010, the fund was generating a 1.1x return multiple and a 5 percent IRR, according to a market source. Limited partners in Fund VII include the Los Angeles Country Employees Retirement Association and the Alaska Permanent Fund.

Lazard Freres is acting as placement agent for the fund. Matthew Engel, a partner at the firm, was not immediately available for comment.

Quad-C focuses on making control investments of $50 million to $125 million in companies valued between $75 million and $400 million. The firm invests in a variety of sectors, including building products, business services, food and restaurants and transportation and logistics.

Current Quad-C portfolio companies include Cloverhill Bakery, Classic Party Rentals and Joerns Healthcare.  Founded in 1989, Quad-C presently manages more than $2 billion in assets.