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AIP hires two to run distressed credit strategy

American Industrial Partners recently raised its sixth fund that included its first-ever bucket for credit investments.

The firm hired two credit specialists to run the strategy: Partners Jason Perri, formerly of Spectrum Management, and Michael Aingorn, formerly of BTG Pactual Asset Management.

Perri and Aingorn were both hired this year, though it’s not clear when.

AIP closed its sixth fund on its cap of $1.8 billion, of which around $350 million can be used for distressed debt investments, two limited partners said in prior interviews.

Ben DeRosa, a spokesman for AIP, did not respond to requests for comment.

The credit group invests in first- and second-lien and unsecured debt, according to the firm’s website. It focuses on the firm’s core industrial sectors.

Prior to AIP, Aingorn worked as a portfolio manager for leveraged loans and special situations at BTG. He also worked at Plainfield Asset Management, Wellspring Capital Management and Lehman Brothers.

Perri, prior to joining AIP, worked as a managing director at Spectrum, where he helped lead the expansion of the private credit group. He spent seven years at Apollo Global Management, where he was a senior principal. Perri also worked at H.I.G. Capital’s Bayside Capital, and started his career as a member of Blackstone Group’s restructuring advisory team.

Action Item: For more information about AIP, contact Partner Ben DeRosa at ben@americanindustrial.com.

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