Private equity has taken a near 50% stake in retirement home operator Summerset, 18 months after AMP Capital ditched plans for a $300 million sharemarket float of the business.

NBR is told that Australian firm Quadrant Private Equity has formed a joint venture company with AMP Capital and taken a 49.9% shareholding in Summerset.

AMP Capital spokeswoman Sue Ryan this afternoon confirmed the deal, which is subject to Overseas Investment Office approval.