Centerbridge Partners, founded by Blackstone alum Mark Gallogly and former Angelo, Gordon & Co. partner and head of distressed securities Jeffrey Aronson, is something of a hybrid. The firm manages multistrategy hedge funds but is best known for its distressed private equity business. Centerbridge raised 3.2 billion in 2006 to launch its flagship Centerbridge Credit Partners Fund, a record among private equity firms for a fund’s initial launch. Firm-wide capital has since quadrupled, and today the firm manages $11.1 billion within its hedge funds alone...
