Quadrant closes A$500 million fund

Quadrant Private Equity has closed an A$500 million fund for investment in the Australasian mid-market, after recently completing its first deal from the fund.

Quadrant Private Equity has closed its second private equity fund at A$500 million (US$418.1 million), which will be dedicated to management buyouts and expansion capital in both Australia and New Zealand.

The fund will invest in companies ranging in price from A$100 million to A$500 million, using equity of $40 million to $100 million.

The firm said in a statement that investor demand exceeded the fund’s hard cap of A$500 million.

Quadrant has recently bought Australian Fast Foods for A$180 million
(US$150.4 million), joining forces with the company’s managing director Frank Romano.  The fast food company is the operator of the Red Rooster and Chicken Treat outlets in Australia, which have a 10 percent share of the Australian fast food market.

Quadrant raised its first $265 million fund in November 2005. The fund has seven companies under management, including mortgage company Sentinel and clothing firm Kathmandu.