Quadrangle Group, the private equity firm co-founded by Steven Rattner, doesn't plan to raise a new fund and will focus instead on overseeing existing holdings, according to a person briefed on the plans.
The firm, whose founder Mr. Rattner was the subject of state and federal investigations of corruption at New York state's pension fund, is weighing whether to release investors from existing commitments or use the money for follow-up investments, according to the person, who declined to be named because the firm is private.
The latest fund, named Quadrangle Capital Partners II, ends its five-year investment period this year and the firm may sell a minority stake, the person said. Mr. Rattner, who left Quadrangle in February 2009, agreed on Thursday to pay $6.2 million and accept a two-year ban from associating with broker-dealers or investment advisers to resolve a Securities and Exchange Commission probe of kickbacks in connection with the $124.8 billion New York State Common Retirement Fund, Albany.
