Steven Rattner's Quadrangle Group, a New York-based private equity firm focused on media and telecommunications, is planning to launch a hedge fund focusing on the same industry, according to The New York Times.
The move comes as the lines between private equity and hedge fund investing continue to blur.
Quadrangle hopes to raise more than $1 billion for the new fund, which will be managed by Robert Donahue of Harpoon Equity Management, the Times reports. Quadrangle will also assume Harpoon's hedge fund, which runs less than $100 million. Donahue, who will be a Quadrangle managing director, will be joined by