QIC Private Equity has completed more than 100 co-investments since its inception in 2005, marking an inflection point in the continued growth of its global platform and long-standing sponsor relationships.
Over two decades, co-investing has evolved from a way to build efficient exposure into a core component of portfolio construction, enabling QIC to identify and support market leaders, strengthen manager relationships and enhance portfolio net outcomes.
QIC Head of Private Equity Steve Whatmore said the milestone is best understood through the experience and lessons it represents.
"Completing 100 co-investments is an important milestone, but it is more than just a number," My Whatmore said.
It reflects two decades of building deep relationships with sponsors across key markets and refining how we invest - where we focus, who we partner with, and how we create value.
Steve Whatmore - Head of Private Equity, QIC
“Over time, co-investing has become central to how we build portfolios. It allows us to express conviction, deepen relationships with managers and play a more active role in shaping outcomes for our clients.”
Mr Whatmore said QIC has maintained a consistent focus on the lower mid-market, where it sees greater potential for operational value creation and less reliance on market timing or financial strategy.
“The lower mid-market remains a key area of focus for us,” he said. “It’s where we believe value creation is more controllable and where disciplined investing can deliver more attractive risk-return outcomes for clients.
“Backing emerging managers has also been a defining feature of our approach. Those early partnerships have translated into stronger alignment and access to opportunities that aren’t always available in more intermediated processes.”
Across cycles, this experience has crystallised a set of enduring principles, from sector specialisation and emerging manager identification to a preference for secular, bottom-up underwriting over macro-driven investing.
“One of the most important lessons has been that resilience and outperformance are driven less by trying to time markets and more by consistently investing in businesses with durable growth drivers and multiple pathways to create value,” Mr Whatmore said.
“That has shaped how we think about underwriting - focusing on business quality, downside protection and scalable value creation, rather than relying on external factors.”
Looking ahead, QIC remains focused on applying these lessons as it continues to invest alongside sponsors in sectors with strong structural tailwinds, including healthcare and technology.
“Our co-investment model will always be defined by combining local presence and global perspective, with teams operating on the ground in key markets to identify opportunities, build trust with sponsors and move with conviction when the right opportunities arise.”
Over the coming months, QIC Private Equity will share insights and principles that have shaped its approach to co-investing alongside sponsors across Australia, the United States and Europe in a new “100 Co-Investments, 10 Lessons” series.
The first lesson (sector expertise makes a difference) features QIC’s Head of Europe Rune Jepsen in conversation with co-investment partner GRO Capital’s Max Veyhe. From deal sourcing and underwriting to value creation and exit preparation, their conversation explores how deep sector knowledge can help managers move with greater conviction and build stronger businesses over time. Listen here.
For more on the “100 Co-Investments, 10 Lessons” series, click here.