Quadrangle holds $1bn first close

The New York-based media and telecommunications specialist is targeting between $1.25bn and $1.6bn for its second fund.

New York-based Quadrangle has held a first close on its second fund on more than $1 billion (€757 million).

Quadrangle Capital Partners II, which will focus on media and telecommunications, is targeting a final close of between $1.25 billion and $1.6 billion (€946 million and €1.2 billion).

Steve Rattner, a founder and managing principal at Quadrangle, and other members of the Quadrangle team have reportedly invested $50 million (€38 million) of their own money into the fund.

Quadrangle closed its first fund on $1.08 billion back in 2001. The firm was founded by Wall Street media-banker Rattner and other former executives of Lazard Frères & Co. in March 2000.

Quadrangle’s new fund follows on the heels of another successful media-focused fund raised by Providence Equity Partners last year. The Providence, Rhode Island-based private equity firm announced in September the close of its fifth fund on $4.25 billion (€3.45 billion), after garnering more than $9 billion in LP interest without organising a formal road show or hiring a PPM.