Quadrangle benefits from wave of bad news
The managers of the Quadrangle Debt Recovery Fund had good reason to celebrate the fund's first anniversary on May 1st. The distressed debt fund had achieved a net return of 12.45% over the previous 12 months and a return of 14.94% year-to-date. In fact, since last November, it has generated returns of at least 2% each month.
QDRF is the most recent product to emanate from New York-based Quadrangle Capital Partners, which was founded by a high-powered team that left Lazard Freres in 2000 to create a $1.1 billion private equity group. Michael