Fundraising For Quadrangle’s Third Fund Cools

Apr 7 2009 | 2:42am ET

Private equity firm Quadrangle Group has suspended fundraising for its third fund in the wake of its founder’s departure.

Quandrangle managing principal Steve Rattner was named the head of President Barack Obama’s auto industry task force in February, although Crain’s New York Business reports that Rattner’s exit and the fundraising freeze are not related.

The credit crisis put Quandrangle’s fundraising efforts on the skids. At the Reuters Private Equity & Hedge Fund Summit last month, new co-president Joshua Steiner announced the temporary halt.

While the third fund’s suspension may not be related to Rattner’s departure, its second fund may be deeply affected. The loss of Rattner gives investors in the $2 billion offering an out, allowing them to decline to complete their capital commitment to it. Clients have until the end of the month to tell Quadrangle what they plan to do. The second fund is currently 75% capitalized.

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