Centerbridge Nearly Doubles Credit Fund With Just Three Investors
Centerbridge Partners, the somewhat secretive buyout firm that made headlines with its recent investment in BankUnited, last month closed on $460 million toward a “Special Credit Partners” fund with an undisclosed target. The fund had 37 investors at the time and serves as a follow-up to the firm’s first hedge fund-buyout fund hybrid vehicle, Centerbridge Capital Partners LP, a $3.2 billion pool raised in 2006. Somehow in the last few weeks, the firm has nearly doubled that amount, filing a Form D this week listing $850 million commitments from 40 investors. That’s just three more than its prior close, which indicates those three investors committed a total of $390 million. Not bad. The fund is designed to invest in distressed debt and according to a report, has a $2 billion target.
