Centerbridge Aims For $3.75 Billion On Distressed-Debt And Buyout Fund
First Published Friday, 6th August 2010 01:15 pm - © 2010 Dow Jones
By Sabrina Willmer
Of Dow Jones PRIVATE EQUITY ANALYST
Private equity firm Centerbridge Partners LP is targeting $3.75 billion for its second distressed-debt and buyout fund, according to an overview of key fund terms sent to prospective investors.
Centerbridge Capital Partners II LP is aiming to raise more than the $3.2 billion its predecessor fund collected in 2006. The vehicle will invest in both distressed debt and buyout deals.
Officials at New York-based Centerbridge weren't immediately available for comment.
Centerbridge is leading a group that plans to take control of Extended Stay Inc. as part of a restructuring plan for the bankrupt hotel chain. In March, Centerbridge agreed to purchase dialysis-clinic operator American Renal Holdings.
Centerbridge Partners recently wrapped up Centerbridge Special Credit Partners LP at its $2 billion hard cap, Dow Jones reported in April. That fund executes a non-control, activist-oriented trading strategy in distressed-security investments.
(Dow Jones Private Equity Analyst covers fund raising and other news of interest to the private equity community)
-By Sabrina Willmer; Dow Jones Private Equity Analyst; Sabrina.Willmer@dowjones.com
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