Centerbridge Partners has filed a form D for its latest fund Centerbridge Capital Partners III LP specifying a target of $5.75 billion. Sister publication Buyouts previously reported the firm is planning to close its third flagship fund on a $6 billion hard cap on Oct. 24, according to a Portfolio Advisors‘ memo released by the Pennsylvania Public School Employees’ Retirement System.Fund III will invest in companies in the U.S. and Western Europe in control investments in both distressed and also more conventional private equity transactions.
The firm’s previous fund, Fund II, a $4.4 billion 2011 vintage pool, had netted a 1.1x multiple and 6 percent internal rate of return through March 31, according to Pennsylvania Public School Employees’ Retirement System. The firm’s 2007 debut fund had generated a 2.2x net multiple and 23 percent net IRR.
Centerbridge Partners was founded in 2005 by former Angelo, Gordon & Company partner Jeffrey Aronson and Mark Gallogly, who was a senior managing director at The Blackstone Group.
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