Quadrant holds ‘one-and-done’ on eighth fund

The Australian private equity powerhouse raised A$980m for the vehicle in less than two months.

Sydney-based private equity firm Quadrant Private Equity has held a first and final close on its latest fund on A$980 million (€660 million; $746 million) after less than two months in market.

Quadrant Private Equity No.5, the firm’s eighth fund, was launched in early July and closed last Thursday.

The fund close was first reported by The Australian Financial Review.

Quadrant confirmed the fund close but was not available for further comment at press time.

The vehicle is larger than its predecessor, which closed on A$850 million in February 2014 after just one month in market, as reported by Private Equity International. Investors in that fund include the State Teachers Retirement System of Ohio, according to PEI data.

Investments made from Quadrant Private Equity No.4, the firm’s seventh fund, include integrated cancer care provider ICON Cancer Care, Australia and New Zealand pet food manufacturer Real Petfood Company, Australian hospitality group Urban Casual Dining, and food service and distribution company Superior Food Group.

In May Quadrant sold its 45 percent stake in Canberra Data Centres, which provides the Australian Federal Government with outsourced data centre co-location services. 

Quadrant acquired the business for A$140 million through Quadrant Private Equity No.4 in September 2014. It sold its stake to the Australian pension fund Commonwealth Superannuation Corporation (CSC) and New Zealand-based infrastructure and energy investment group Infratil. CSC and Infratil each bought a 48 percent stake in the business. CDC management, led by chief executive Greg Boorer, took the remaining 4 percent, as reported by PEI.