Monday, 8 February 2016
Last updated 2 hours ago
Mar 3 2010 | 12:01am ET
While many fund managers are slogging it out in what some say is the toughest capital raising environment in decades, one Stamford, Conn.-based firm doesn’t seem to have any trouble finding willing investors.
Alternative asset management firm Aladdin Credit Partners has recently raised a whopping $573 million for its initial credit opportunities funds.
The firm this week announced the final closing of the new vehicles, Aladdin Credit Partners I and its offshore counterpart, Aladdin Credit Offshore Fund I. The funds are focused on investing in restructuring related opportunities including rescue financing, debtor-in-possession financing, and plan confirmation financing. Anchor investors include Mitsubishi Corporation and Intesa Sanpaolo.
Aladdin Credit Partners is a joint equity venture formed by co-founders Luke Gosselin and Victor Russo, and Aladdin Capital Holdings.
Prior to creating ACP in early 2009, Gosselin was the head of private principal finance at Goldman Sachs & Co. in New York and London, while Russo was the former president of CIT Business Credit, an operating subsidiary of CIT Group, in New York.
“In what proved to be one of the more challenging fund raising environments over the past decade, we are pleased to have raised what we believe to be one of the largest global pools of capital in 2009,” said Gosselin. “The partnership with Aladdin has proven to be the right strategic fit, while the strategy of investing into distressed and restructuring related situations was consistent with the objectives of our institutional investor base, anchored by investments from Mitsubishi Corporation and Intesa Sanpaolo.”
Russo added, “The current economic environment is very conducive to our business strategy given the significant amount of corporate default and bankruptcy related activities. We believe there will be an ongoing need in 2010 and beyond for funding for those companies in financial distress. ACP is well positioned from both a product and personnel standpoint to take advantage of the opportunity set.”