QIC Private Debt has recently closed over A$100m in private debt deals in Australia including a A$30m transaction to support Adamantem Capital’s acquisition of QANTM Intellectual Property.
QANTM is Australia’s second largest IP services firm, providing patent filing, trademark registration, and IPrelated legal advisory services to Australian and overseas clients. It operates offices in Australia, NZ, Singapore, Malaysia, and Hong Kong.
QIC’s A$30m for the QANTM acquisition formed part of a two-lender senior secured debt funding package across a six-year tenor.
The QIC Private Debt Australia team have had a busy month also closing two other transactions and see activity continuing over the coming months.
The second transaction involves A$30m in commitments across a 4.75-year tenor for integrated cancer care provider Icon Group. The senior secured loan forms part of a A$300m accordion facility with the proceeds to fund further acquisitions.
Icon Group is an integrated cancer care provider in APAC operating in cancer care (radiotherapy, medical oncology, haematology and clinical trials), sterile compounding and pharmacy management services. It is a market leader across these segments.
QIC also closed a bilaterial senior secured facility to support an acquisition by a leading Australian midmarket sponsor.
Phil Miall, Head of Private Debt Australia, QIC, said he was pleased QIC was able to support these financings.
“Our strong relationships with our private equity sponsors, along with Australian market knowledge and expertise in transaction structuring allows us to quickly capitalise on opportunities,” Miall said.
Bettina Lung, Director Private Debt Australia, QIC, said deal momentum with financial sponsors continues to build.
“Relatively elevated credit spreads are continuing, and private debt is currently yielding greater returns than seen over the past decade,” Lung said.
QIC Private Debt launched in 2021 and now has over A$1.5bn of assets under management (AUM) and committed capital, split across Private Debt Australia and Private Debt Infrastructure, with staff across four offices in Sydney, Brisbane, New York and London.
The QIC Private Debt team is led by Simon La Greca who joined QIC from AMP Capital and Ares Management in December 2023.
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QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, natural capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$111bn (US$72bn) in funds under management. QIC has over 900 employees and serves approximately 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, San Francisco, London and Singapore. For more information, please visit: www.qic.com. (as at 30 June 2024)
QIC Private Debt offers institutional investors exposure to diversified debt investments across infrastructure (within the OECD), and corporate, asset-backed securities and real estate sectors (in Australia/New Zealand). Established in 2021, QIC Private Debt now has over US$1bn of assets under management and committed capital, split across Private Debt Australia and Private Debt Infrastructure offerings. (as at 30 June 2024).
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