Quadrangle Shapes Up –

Managers of the Quadrangle Group’s distressed debt fund are making market headway, despite being embroiled in litigation by their former employer, Lazard LLC.

An email sent to investors on June 5 and obtained by Private Equity Week said the Quadrangle Debt Recovery Fund (QDRF) raised over $100 million since being launched at the beginning of April. The vehicle is being marketed with a target capitalization of $500 million, and holds capital calls at the beginning of each month. QDRF received approximately $10 million of internal commitments in April, another $40 million in May and an additional $50 million in June.

According to the email, QDRF earned 0.70% net of fees for the month ending May 31. Since inception through May 31, the fund has earned 1.21% net of fees.