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Posted - 25.05.2012 04:00:00

Centerbridge in lightning-quick fundraise

The firm closed its $2bn second Special Credit Partners fund in March, holding a first and final close for the vehicle that targets non-control distressed investments.

Centerbridge Partners raised its second non-control, distressed investment fund in the blink of an eye – holding a first and final close on $2 billion in March, according to industry sources with knowledge of the fundraising and filings with the US Securities and Exchange Commission.

The firm, run by former Blackstone executive Mark Gallogly and Jeffrey Aronson, a former executive at Angelo Gordon, quietly completed a “one and done” close on the fund, which collected the same amount as its predecessor, which closed on $2 billion in 2010.

In March, the firm filed documents with the US Securities and Exchange Commission indicating it had raised $1.9 billion from 63 investors and had about $57 million left to go to hit its $2 billion target. Sources confirmed Centerbridge was able to close the fund at that time. The first Special Credit Partners fund was generating a 15.22 percent internal rate of return as of last March, according to performance information from the California State Teachers’ Retirement System.

Centerbridge has had success raising capital for its various strategies since its inception in 2006. The firm last year closed its second flagship fund, Centerbridge Partners II, on $4.4 billion, including a commitment from the GP. The firm’s debut fund raised $3 billion.

Along with its private equity-focused vehicles, the firm has also raised capital for a distressed securities hedge vehicle called Centerbridge Credit Partners.

Earlier this month, Centerbridge announced it was taking Chinese restaurant chain PF Chang’s private in a deal valued at $1.1 billion. Centerbridge agreed to pay $51.50 per share for the company, roughly a 30 percent premium over the restaurant chain’s average Nasdaq closing price during the past month.
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