Toronto-based TorQuest Partners, a middle-market private equity firm, has closed its fifth fund at C$1.375 billion, beating its C$1.1 billion target. Fund V’s limited partners included public and private pension plans, endowments, sovereign wealth funds, financial institutions, insurance companies and family offices. The Credit Suisse Private Fund Group was the placement agent for the fund while Torys LLP acted as fund counsel.
TORONTO, ONTARIO, MARCH 27, 2020 – TorQuest Partners today announced the final closing of TorQuest Partners Fund V, with $1.375 billion of committed capital. Fund V will continue to apply the firm’s successful middle-market investment and operating strategy of partnering closely with management teams to create value through strategic change, operational enhancements, and the successful integration of accretive add-on acquisitions.
“All of us at TorQuest very much appreciate the continued confidence our limited partners have shown in us,” said Eric Berke, Managing Partner. “We do not take lightly their trust in us to be responsible stewards of their capital. Our tenured team, many of whom have worked together for over a decade, will continue to execute on a strategy that afforded us success over the past 20 years, solidifying our reputation as the partner of choice among business owners, entrepreneurs and management teams across Canada while delivering attractive investment returns to our limited partners.”
Fund V was significantly oversubscribed and reached its hard cap for external commitments. TorQuest had set a target for external commitments of $1.1 billion.
Investors in Fund V are a diverse group of institutional investors from around the globe, including public and private pension plans, endowments, sovereign wealth funds, financial institutions, insurance companies and family offices.
Brent Belzberg, C.M., Senior Managing Partner, added: “Despite how pleased we are to announce today’s closing of Fund V, we fully recognize the tremendous disruption and hardship the COVID-19 pandemic is causing for people across the world, including all of the health care and essential service workers who continue to put themselves in harm’s way every day, and on the global economy. These are difficult times and we know there will be new challenges in the days ahead, but we are confident in the deep team we have built at TorQuest and our ability to deliver attractive returns for our limited partners, while remaining fully attuned to the health risk and challenges impacting all of us today.”
The Credit Suisse Private Fund Group acted as the exclusive placement agent and Torys LLP acted as fund counsel for Fund V.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a $925 million fund that closed in June 2016. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.