NEW YORK, April 21 (Reuters) - New York City’s pension funds and the comptroller are probing whether private equity fund Quadrangle “intentionally misled” it about placement agents, the comptroller’s spokesman said Tuesday.
Quadrangle was formerly led by the Obama administration’s auto bailout chief Steven Rattner.
New York City’s pensions invested $85 million with Quadrangle in 2005 and $40 million in 2006, the comptroller’s spokesman said in a statement.
“We are investigating whether the New York City pension funds and the Comptroller’s Office were intentionally misled or deceived as to the identities of the placement agents used by Quadrangle,” he added.
Reporting by Joan Gralla, Editing by Chizu Nomiyama
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