PE Firms Among Madoff Victims
Private equity firms Audax Group and Cortec Group were among those scammed by Bernie Madoff, according to a 162-page customer list filed yesterday with the U.S. Bankruptcy Court in New York (download here). Also ripped off was a hedge fund managed by Thomas H. Lee, institutional consultancy Cambridge Associates and legendary venture capitalist Arthur Rock. peHUB contacted Marc Wolpow, a co-CEO of Audax Group, who said the following: “We did not have any of our limited partners' -- or investors' – funds invested in Madoff. Audax is not a feeder fund. Our business is to invest in companies, not other funds. Thus I can assure you that our investors do not have any exposure (either direct or indirect) to Madoff through their investment in any Audax fund. Geoff Rehnert and I, along with so many others, did invest a small portion
