NEW YORK, Sept 11 (Reuters) - Private equity firm Quadrangle Capital Partners is to pursue European investments out of the United States, substantially close its London office, and increase resources in Asia, an investor letter dated Friday said.
Quadrangle, co-founded by Steven Rattner, who left the firm earlier this year, plans to increase its focus on its existing portfolio to create a 'heightened focus on realizations and exits', according to the letter, a copy of which was obtained by Reuters.
The company sees 'opportunities for attractive investment returns' in Asia and plans to increase its emphasis there, the letter said.
However, to do that, the letter said, the company has to 'de-emphasize certain activities'. It will pursue European investments on a 'selective basis' from the United States and will substantially close its London office, the letter said.
It also does not plan to launch new business lines in the foreseeable future, the letter said, and its COO Doug Kramer will leave the firm.
The changes mean its number of 'investment professionals' will be reduced to 23 from 27 by the end of the year.
Quadrangle declined comment.
(Reporting by Megan Davies)
((megan.davies@thomsonreuters.com ; +1 646 223 6112; Reuters Messaging: megan.davies.thomsonreuters.com@reuters.net)) Keywords: QUADRANGLE (For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Quadrangle, co-founded by Steven Rattner, who left the firm earlier this year, plans to increase its focus on its existing portfolio to create a 'heightened focus on realizations and exits', according to the letter, a copy of which was obtained by Reuters.
The company sees 'opportunities for attractive investment returns' in Asia and plans to increase its emphasis there, the letter said.
However, to do that, the letter said, the company has to 'de-emphasize certain activities'. It will pursue European investments on a 'selective basis' from the United States and will substantially close its London office, the letter said.
It also does not plan to launch new business lines in the foreseeable future, the letter said, and its COO Doug Kramer will leave the firm.
The changes mean its number of 'investment professionals' will be reduced to 23 from 27 by the end of the year.
Quadrangle declined comment.
(Reporting by Megan Davies)
((megan.davies@thomsonreuters.com ; +1 646 223 6112; Reuters Messaging: megan.davies.thomsonreuters.com@reuters.net)) Keywords: QUADRANGLE (For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.