Quadrangle nabs Forstmann pro amid fundraising

Media-focused Quadrangle Group, in the midst of a $1.6 billion fundraise, has recruited Forstmann Little vet Gordon Holmes to augment its team.

In yet another personnel move resulting from Forstmann Little & Co.’s unraveling, Gordon Holmes has joined New York-based Quadrangle Group as a managing principal.

Steven Rattner, managing principal, Quadrangle Group

The move, which will be effective November 21, comes on the heels of Thomas Lister’s departure from Forstmann last week to pursue other interests. Both Holmes and Lister had served as general partners at the firm.

Steven Rattner, managing principal at Quadrangle, said Holmes’ appointment comes “with the growth of the firm”. While he didn’t specifically refer to the firm’s new investment vehicle, Quadrangle is currently engaged in raising its second fund, Quadrangle Capital Partners II, according to documents filed with the Securities and Exchange Commission. The fund, which is being raised by placement agent Monument Group, is seeking $1.6 billion, and has already amassed $799 million, based on the SEC filings.

Quadrangle’s first fund was raised in 2000 and had corralled $1.08 billion of capital.

Holmes should fit in at Quadrangle given his past in the media and communications space. He had helped lead Forstmann Little’s investment in Citadel Broadcasting, and also played an integral role in the purchase of 24 Hour Fitness.

“His diverse investment background, his knowledge of the media and communications space and his international experience make him an excellent addition to Quadrangle,” Rattner said in a statement.

Meanwhile, for Forstmann, the announcement serves as yet more confirmation that the storied firm is in wind-down mode. Last week, Forstmann announced the departure of Lister, and brought former Gulfstream Aerospace executive Chris Davis on board to assist Ted Forstmann in overseeing the three companies the firm still controls. The firm saw Sandra Horbach, an 18-year veteran at Forstmann, leave earlier this year to join The Carlyle Group as the head of its retail division.