Quadrangle Group Suspends Fund-Raising
The Quadrangle Group has temporarily suspended efforts to raise its third private equity fund, according to comments made today by firm co-president Josh Steiner, during the Reuters Private Equity & Hedge Fund Summit. Quadrangle had been seeking $2 billion, but got derailed by both the difficult fundraising environment and the departure of firm co-founder/frontman Steve Rattner (he's now a counselor to Tim Geithner). "We're not raising the fund at this moment, but we will at some point," said Steiner, adding that all of Quadrangle's investors had been apprised of the situation. ""Steve's great, any firm in the investment banking business would rather have him part of the firm than not have him... most financial institutions go through a transition and we were determined when we founded this not to make any individual indispensible."
