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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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…