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Quadrant fundraising shaping up to be a good sign

australia_125x100.jpgThe private equity market in Australia has been fairly gloomy since the global slowdown that began a couple of years ago. The tide may be changing as Australian midmarket PE firm Quadrant Private Equity reportedly exceeded its recent capital raising with A$750 million ($747.4 million), according to Reuters.

The capital raising, which was accomplished over the last two months, beat the target goal of raising A$600 million. The mood of the Australian private equity sector has been so dour that some such as Archer Capital Pty. Ltd. managing partner Peter Wiggs has predicted that 25% of Australia's PE firms will go out of business.

A good sign of Quadrant's capital raising is the mix of contributors to the fund. Two-thirds of the commitments were derived from Australian financial institutions, and one third came from financial institutions outside Australia.

Quadrant has made some deals, acquiring Media Monitors Pty. Ltd. as well as divesting its holding in ATF Services to Champ Private Equity (See Deal Memo -- subscription required) in July. - Gerald Magpily

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