Quadrant becomes first Asia GP to make HEC top 10

Francisco Partners came in first with Quadrant in 10th. The likes of Genstar Capital Partners, Veritas Capital, Thoma Bravo, Waterland Private Equity, and Clayton, Dubilier & Rice featured in between. Several of these firms have appeared in the list numerous times since its first publication in 2009.

Quadrant, which has more than A$6 billion ($4.6 billion) in assets under management, typically targets companies with enterprise values of A$100-500 million and commits A$70-150 million per investment. The firm claims to have made around 80 investments since its establishment in 1996. There have also been 60 exits, generating combined proceeds of A$6 billion and a gross IRR of 36%.

Three significant exits came in 2020: disability services provider APM was sold to Madison Dearborn Partners for an enterprise value of A$1.6 billion, generating a 4x return; a deal was agreed to sell radiology business Qscan to HRL Morrison for A$735 million; and online beauty retailer Adore Beauty completed a A$269.3 million IPO, with A$137.7 million going to Quadrant.

Last December, the firm closed Quadrant Private Equity No.7 – its seventh fund as an independent entity, though its 10th overall – at A$1.24 billion. The fundraising process took five weeks, with only one new investor getting an allocation. In 2019, Quadrant raised A$400 million for its debut growth fund. Adore Beauty is one of the investments from that vehicle.

The HEC ranking draws on performance data from 977 funds raised by 529 private equity firms between 2007 and 2016 with an aggregate equity volume of $1.4 trillion. After excluding those without two funds for which full performance information was available, that had raised less than $3 billion during the period, and that had been in operation for fewer than 10 years, the target base became 102 firms.

The rankings are intended to capture historic performance and expected future competitiveness. Performance assessment is based on IRR, distributions to paid-in (DPI), and total value to paid-in (TVPI) as absolute values and against benchmarks. After further analysis – intended to consider factors such as the historical reliability of performance at different fund ages – an aggregate performance score is produced.

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• Topics
• Australasia
• Performance
• GPs
• Australia
• Quadrant Private Equity