No such function exists in the quick actions. The closest I can think of in what's offering OOTB is the master incident stuff but if you look at that, the Parent is promoted by way of a boolean flag and then you are able to add children to it.
If you use a Many to Many relationship, technically neither is the parent, though wither could likely be treated that way. Why are you in need of creating a parent? Can you elaborate on the use case?