Quadrangle Group LLC, a New York private equity firm focused on media and communications investments, said Friday that it would start a hedge fund focused on the media and communications industry.
Quadrangle said it will form the hedge fund by acquiring Harpoon Equity Management LLC, a New York hedge fund company founded by Robert Donahue. Harpoon is to be renamed Quadrangle Equity Investors, and Mr. Donahue is to join the firm as a managing principal. Two other Harpoon executives, Ryan Broan and John Hill, are to join Quadrangle as vice presidents.
The private equity fund run by Quadrangle has invested in German broadcasting companies and a cable television operator. The firm, which was founded in 2000 by Steven Rattner, a former deputy chairman of Lazard, raised $1.8 billion in a buyout fund last December.
