TorQuest closes Fund IV on $712m

The Canadian mid-market private equity firm’s latest fund closed on its hard-cap.

Toronto-based TorQuest Partners announced the final close of TorQuest Partners Fund IV on C$925 million ($711.9 million, €640.6 million), hitting its hard-cap, according to a statement from the firm.

Fund IV first launched in April 2016 with a target of C$750 million. US-based investors had contributed $122.1 million to Fund IV as of the beginning of May, according to a filing from the Securities and Exchange Commission dated 11 May. 

TorQuest was founded in 2002 and has C$2 billion in assets under management. The private equity firm, which is active in Canada and the US, invests between C$15 million and C$100 million in mid-market companies in the manufacturing, business services, financial services, food and consumer sectors, according to PEI Research and Analytics. 

TorQuest Partners Fund III, held a close on C$535 million in 2013, below its C$550 million target. Limited partners for TorQuest Partners Fund III include Canada Pension Plan Investment Board (CPPIB) , Ontario Teachers' Pension Plan , Scotia Bank and Nicola Wealth Management

TorQuest did not respond to a request for comment. 

Credit Suisse was the placement agent for the fund in the US.