Quadrangle Planning Third Private Equity Fund

Apr 16 2010 | 12:40pm ET

With Quadrangle Group’s settlement of two probes into its involvement in a pay-to-play scandal could come a new fund from the firm.

New York-based Quadrangle plans to raise a new private equity fund, Reuters reports. The firm had earlier shelved plans to raise its third fund, but has now almost fully invested its second.

Quadrangle will spend the next few months preparing the fund before beginning meetings with investors.

Quadrangle is now exclusively a p.e. shop; the firm had managed about $5 billion for New York City Mayor Michael Bloomberg, but Bloomberg decided to remove that money from Quadrangle’s coffers and place it with a new investment firm that will manage his money exclusively.

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