13 Comments
 

Hybrid distressed/PE. Raising a second fund now and starting to harvest some stuff from the first; they also have a non-control distressed fund. I've heard that if you come in and they like you, you're pushed onto a PE track (Even if you came in doing distressed debt). As noted, the foudners are the former head of BX PE (Go Irish) and the former head of Angelo, Gordon distressed debt.

They had a buyout in place for Penn National Gaming w/BX that fell through. They've got a couple of financial-services portfolio companies (BankUnited, Green Tree Loan Servicing) but I think that was just where the opportunity was.

You see them as coinvestors on some deals with really big players (BankUnited for example), which makes sense I guess given the big-time connections of the founders.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

opportunity, founders have great backgrounds. Still don't have track record as a firm obviously, their one officially signed deal is going to fall apart (Penn National with Fortress) and I think they are trying to do some stuff in the distressed auto space which isn't working out. Wouldn't call a sick opportunity, just another in the list of very good ones out there

 

Bumping this-anyone ever work at Centerbridge credit? Do they invest in club/mezz deals or exclusively distressed?

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

I'm going to bump this again.

Anyone have any insight into the structure here? At the associate level, is there a distinction between the credit team and the PE team?

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

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