Quad Partners raises $229m

The New York-based lower middle market private equity firm closes fifth fund above target.

Quad Partners held a final close of Quad Partners V at $229 million, exceeding its initial target of $200 million. Quad plans to invest between $10 million and $50 million in smaller education businesses with up to $100 million in annual revenue.

The fund’s predecessor, Quad Partners IV, closed at $206 million in November 2012.

Asante Capital Group acted as the global placement agent for Fund V and Weil, Gotshal & Manges provided legal counsel.