Lindsay Goldberg’s foray into the hedge fund business recently received some in depth treatment with a detailed article in Bloomberg Markets magazine, outlining the firm’s 2007 $100 million dollar working capital investment to jumpstart Phil Duff’s newest hedge fund group Duff Capital Advisors.

The article talks more about how quickly the $100 million disappeared than the investment group that financed it. However, the spread does give some attention to Lindsay Goldberg’s frustrations, finally resulting in Duff’s dismissal.  Today, Duff Capital Advisors is now known as Investment Risk Management and despite just being a zombie shell of itself, the business is still listed as a current portfolio company.

Lindsay Goldberg is well known for it’s patience, stating it can hold an investment for up to twenty years, but it’ll be interesting to see when it finally writes this one off.