Private equity fund-of-funds manager Quay Partners (QP) has attracted healthy interest from the institutional sector for a new product that will be implemented through its primary commitments program.

Jake Burgess, QP investment committee partner, said the firm began raising capital for the new product in March and that “a good representation of large super funds” within its existing client base had already placed investments, or were considering placing investments, within the new product. “;Super funds have made a decision to enter the [alternatives] asset class in a significant way,”; Burgess said. Through the primary commitments program, QP invests in Australian and New Zealand-based private equity funds, “seeking to allocate business to venture, expansion and buy-out managers,” Burgess said. “We assess managers on their ability to get deals. That’s our core business. We then opportunistically overlay co-investments and secondaries.” In previous primary commitments investments, the bulk of raised capital has typically been allocated to selected private equity funds, with 15 to 20 per cent of funds directed to co-investments, which are direct allocations to companies alongside private equity funds managers, and secondary investments, which are acquisitions of companies or other interests within private equity funds. QP does not charge additional fees or develop separate investment pools for co-investment plays. Meanwhile, Quay Partners has added Daniel Bowden to its portfolio management team. Bowden will work with Stephen White and Jake Burgess on assessing co-investment opportunities, which currently comprise 5 per cent of Quay partners funds with a scope for up to 20 per cent. Bowden previously worked in merger and acquisitions at Goldman Sachs. The manager has also hired Chris Packwood. away from Computershare, where he was project manager in corporate actions. At Quay Partners he will be responsible for cash management, corporate actions and performance monitoring.

Leave a comment