Fund V Hits Hard Cap at TorQuest

TorQuest Partners has held a final hard-cap closing of TorQuest Partners Fund V LP with C$1.375 billion of committed capital. The new fund closed above its target of $1.1 billion and was significantly oversubscribed.

Limited partners in Fund V include public and private pension plans, endowments, sovereign wealth funds, financial institutions, insurance companies and family offices.

“All of us at TorQuest very much appreciate the continued confidence our limited partners have shown in us,” said Eric Berke, managing partner at TorQuest. “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.”

TorQuest invests in middle-market companies with typical transactions involving entrepreneur or family succession, recapitalizations, corporate carve-outs, and management buyouts. In October 2019, TorQuest acquired Joriki, a Toronto-based contract manufacturer of beverages and food products. The buy of Joriki was the firm’s ninth platform investment for TorQuest Partners Fund IV LP, which closed in June 2016 at its hard cap of C$925 million. TorQuest has not yet announced any platform investments for Fund V.

“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,” said Brent Belzberg, senior managing partner at TorQuest. “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.”

TorQuest was founded in 2002 and is headquartered in Toronto. With the close of Fund V, the firm now has C$3 billion of equity capital under management.

Credit Suisse’s private fund group was the placement agent for this fundraise.

Private Equity Professional | March 31, 2020

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