Overview
A. Firm Description
QUAD is an investment management firm that is registered with the United States
Securities and Exchange Commission (the “SEC”) as an investment adviser. It is
structured as a Delaware limited liability company that was formed in 1999. QUAD
provides investment advisory services to pooled investment vehicles that are exempt
from registration under the Investment Company Act of 1940, as amended (the “1940
Act”), and whose securities are not registered under the Securities Act of 1933, as
amended (the “Securities Act”).
QUAD’s current business activity consists of providing investment advice to private
pooled investment vehicles, each a Delaware or Cayman Islands limited partnership
(each separately, a “Fund” and together, the “Funds”), which make equity and equity-
related investments directly in privately held companies. QUAD may in the future
advise other funds in addition to those listed herein.
None of QUAD’s clients are natural persons; its only clients are the Funds. Since
QUAD has no clients that are natural persons, it does not tailor its services to any
individual’s needs or objectives.
Principal Owner
Lincoln E. Frank is the Managing Member and owns 100% of the Firm.
B. Types of Advisory Services
QUAD provides investment advice to the Funds which make equity and equity-related
investments primarily in companies that operate in the
education and training
business sectors. Affiliates of QUAD act as general partners to the Funds, and as
general partners, these affiliates are solely responsible for the management of the
Funds. Investors in the Funds are limited partners (the “Limited Partners”).
QUAD provides investment advisory services to each of the Funds pursuant to
separate investment and advisory agreements. Investment advice is provided by
QUAD directly to the Funds, subject to the direction and control of the affiliated
general partner of such Fund.
Any restrictions on investments in certain types of securities are established by the
general partner of the applicable Fund and are set forth in the documentation received
by each limited partner prior to investment in such Fund. Once invested in a Fund,
investors cannot impose restrictions on the types of securities in which such Fund may
invest.
C. Tailored Relationships
QUAD provides investment advisory services to the Funds based on the investment
objectives of the Funds. QUAD does not provide tailored investment advice to
the Limited Partners in the Funds.
D. Wrap Fee Programs
QUAD does not participate in and is not a sponsor of wrap fee programs.
E. Assets under Management
QUAD manages a total of $731,461,028 in client assets on a discretionary basis. This
assets under management figure is based on calculations as of December 31, 2023.