When it was acquired by BlackRock in 2007, Quellos was among the largest fund-of-funds managers in the world, with more than $20 billion of assets managed across the spectrum of alternative investment products. Its clients included pension plans, foundations, endowments, financial institutions and high-net-worth individuals. Quellos’ technology capabilities made it an especially nimble firm. We invested in Quellos six years after its founding in 1994.