Quadrant continues to hold 79.8m, or 37.2 per cent, of the total shares outstanding, down from its previous holding of 56 per cent.
In a statement, Quadrant said it remained a significant shareholder in Summerset and had advised that it was committed to supporting the future success of the company, including maintaining its current representation on the Summerset board.
Summerset has gone on a trading halt for up to two days but Ross said he expected trading in the trade in the stock to resume tomorrow.
Documents for Summerset's October 2011 initial public offer said Quadrant, which originally held just under 100 per cent, had agreed not to sell its remaining 56 per cent stake until the day after Summerset's annual result for the 2012 year was released on February 25 this year.
The agreement's expiry and two big share sales - Fairfax's sale of its remaining Trade Me stake last year and this month's sale by News Corp of its Sky Network Television stake - gave rise to speculation that Quadrant was also looking at exiting the stock.
Summerset shares have traded in a $1.50 to $2.68 range over the last 52 weeks.
Chairman Rob Campbell said the change in share ownership was another important step in the development of the company and created a sound shareholder base for further growth.
Most of a parcel of shares in retirement village company Summerset put up for sale by Quadrant Private Equity has gone to a wide range of New Zealand institutions and private investors, brokers UBS NZ said.
UBS NZ's co-head Nicholas Ross said about 95 per cent of the 40 million shares in company had been sold locally over the weekend.
Quadrant had entered into an agreement with UBS to sell the shares, which represented 18.6 per cent of the company.
"There was very good support from both local institutions and brokers," Ross said. "I can confirm that the block has been cleared in terms of our position and we are obviously delighted with the local support and speed with which this transaction as was executed," he told APNZ.
Quadrant continues to hold 79.8m, or 37.2 per cent, of the total shares outstanding, down from its previous holding of 56 per cent.
