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TorQuest Partners announced C$535m final close for Fund III

11 Sep 2013

canada mountain rockiesToronto-based private equity firm TorQuest Partners has held a C$535m final close for its third fund targeting mid-market North American businesses.

AltAssets revealed in June that the firm was three-quarters of the way to the C$600m target listed in a filing for TorQuest Partners III.

The firm has decided not to reveal which LPs committed to the vehicle, although an earlier AltAssets report showed Canadian asset management firm Nicola Wealth Management is among them.

TorQuest closed its second buyout vehicle on C$550m in 2006, bringing its total equity capital under management at the time to more than C$700m.

That fund was used to invest between C$15m and C$100m of equity in transactions of between $40m and $250m, primarily in Canada and with a secondary focus on the US.

The latest vehicle will continue that strategy according to Torquest, which said the fund would primarily target Canada but be open to pursuing investments elsewhere.

Greenhill & Co acted as a placement agent for the fundraise and had picked up an estimated $4.1m according to the June filing.

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