October 3, 2010

TorQuest Wraps First Fund With LowePro Sale

Toronto-based private equity firm TorQuest Partners has the final numbers for its first fund, which is wrapping up with the sale of the final portfolio company, and it was a good outing.

Buyout fund returns by year and size

Toronto-based private equity firm TorQuest Partners has the final numbers for its first fund, which is wrapping up with the sale of the final portfolio company, and it was a good outing.

TorQuest reckons that with the sale of its investment in DayMen Photo Marketing LP for a return of 3.1 times invested capital, the fund TorQuest Partners Value Fund I LP managed a return about three times the average for peer funds.

The net internal rate of return was about 38 per cent and on a gross basis it was 62 per cent, according to TorQuest.

That's well above average returns for buyout funds of that size and vintage.

The last sale for TorQuest Value I was the divestiture of a majority stake in DayMen, the maker of LowePro camera bags that photographers know well.

TorQuest owned a majority stake in DayMen for five years before selling it to Brockway Moran & Partners, a Florida-based private equity firm in a deal announced Monday.

Source: Boyd Erman, Globe and Mail