Quadrangle Wins 'Key-Man' Vote

05/27/2009 05:12 am ET | Updated May 25, 2011

Investors in Quadrangle Group's private-equity vehicle have elected to keep their financial commitment to the fund, reflecting a vote of confidence in the embattled firm formerly run by Steven Rattner, according to a person familiar with the situation.

In February the Obama administration selected Mr. Rattner to captain efforts to restructure the U.S. auto industry. His departure from Quadrangle triggered a "key-man" clause in agreements with investors in its $2 billion buyout fund, Quadrangle Capital Partners II, which was raised in 2005.

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