Triplet down conversion, the process of converting one high-energy photon into three low-energy photons, may soon be experimentally feasible due to advances in optical resonator technology. We use quantum phasespace techniques to analyse the process of degenerate intracavity triplet down conversion by solving stochastic differential equations within the truncated positive-P representation. The time evolution of both intracavity mode populations are simulated, and the resulting steady-states are examined as a function of the pump intensity. Quantum effects are most pronounced in the region immediately above the semi-classical pumping threshold, where our numerical results differ significantly from semi-classical predictions. Regimes of measurable squeezing and bipartite entanglement are identified from steady-state spectra of the cavity output fields. We validate the truncated positive-P description against Monte Carlo wave function simulations, finding good agreement for low mode populations.