There's another name joining the private equity industry's ranks.
Street Talk understands Douglas Farrell, who led Citigroup's local mergers and acquisitions unit and real estate investment banking team until October, has founded Quintet Partners.
The investment management firm is said to have already established a Sydney office and ruled off its first fund with $42.5 million in commitments.
Quintet has the backing of five family office investors and a group of high net worth individuals. Mark Cohen, who has 15 years experience as a Freehills partner, has joined Quintet as a director.
The firm is targeting investments in companies that typically have an operating history of more than five years and an enterprise value of between $20 million and $200 million.
That will see Quintet swerve any investments in technology start-ups.
The primary sectors being targeted include real estate, financial services, healthcare and business services.
It also appears Quintet is not seeking complete ownership of its targets, preferring management keep skin in the game. The firm will look to acquire controlling interests and make co-investments in companies, supplying portfolio companies with growth capital.
The small end of the private equity industry has been a hive of activity in the past 12 months. Over that period, the likes of Odyssey Private Equity and Adamantem Capital have kicked off operations.
Elsewhere, and as first reported by Street Talk, BRW Young Rich list member Sam Price is looking to raise around $5 million for his rapidly growing health tech business that tackles Australia's escalating diabetes epidemic.
The owners, who also include private equity veterans Rishabh Mehrotra and Andy Gray, have evolved Hit 100 into a broader health management business that focuses on other chronic conditions within the aged care and disabilities sectors.
Hit 100 was co-founded by CEO Karn Ghosh and Mehrotra.
There are several options under consideration for further growth capital, including an ASX listing.
