Quilvest & Partners raises $700m as three funds close
Global private equity investor Quilvest & Partners has closed fundraising for three funds after raising a total of $700m.
The three funds are: QS PEP 2012, QS REP II and QS Capital Strategies, which raised $150m, $300m and $230m respectively. Both QS PEP 2012 and QS REP II closed above their target objectives while QS Capital Strategies was significantly oversubscribed and closed at its hard cap, the firm said.
QS Capital Strategies’ $80m of investor capital can be increased by up to $150m through debt financing provided by the United States Small Business Administration (SBA). However, such debt financing remains subject to license approval by SBA.
Quilvest & Partners also announced the launch of QS PEP Core fundraising, a four-year Global Private Equity Fund of Funds programme, and successor to QPE flagship QS PEP annual programs.
The firm is aiming to raise a maximum of $400m for QS PEP Core first edition. The fund will focus on top-quartile small to midcap funds in the buyout and growth space, including a tight selection process of approximately 10 funds per year. It will be weighted towards the United States, and to a lesser extent Europe, with some exposure to emerging markets.
Despite its “core” strategy, the fund will consider additional strategies such as distressed funds, secondary funds or emerging managers, always prioritizing tactical allocation in the face of changing environment and intrinsic manager performance.
QS PEP 2012 is the 11th vintage of Quilvest’s flagship and Global Private Equity Fund of Funds programme investing in buyout, growth, and other private equity funds, mostly in the United States and Europe. All QS PEP vintages (since 2002, including QS PEP 2012) are projected to have double-digit returns and all have a Net Asset Value above cost.
QS REP II is the second generation of Quilvest Global Opportunistic Real Estate Private Equity program, following the first QS REP programme, launched in 2009. QS REP II will access opportunities through a combination of fund investments (minimum 75%) and direct investments (up to 25%) with a 60/40 allocation between developed and developing markets respectively.
QS Capital Strategies is seeking to be licensed by the SBA as a Small Business Investment Company. Fundraising started in February and was significantly oversubscribed by March, the firm said.
It will invest in small to medium sized US-based companies via a total return strategy by investing up to 75% in debt securities (senior uni tranche, second liens, and mezzanine) and 25% in equity securities (preferred and common equity) which will provide greater stability to its investment portfolio.
Quilvest & Partners, which manages around $4.3bn of assets, is the management company of Quilvest Private Equity, the private equity arm of the Quilvest Group, an independent wealth manager with a presence in Europe, the Americas, Asia and the Middle East.