North American-based Distressed Private Equity Fund Managers

by Nicholas Jelfs

  • 14 Dec 2011
  • PE

Preqin’s Fund Manager Profiles product currently displays information on 286 private equity fund managers that provide distressed private equity financing, either exclusively or as part of a broader investment strategy. Collectively, these firms have raised an aggregate $773.6bn over the past 10 years. Of these 286 firms, 68 focus exclusively on distressed private equity investing, which includes special situations, distressed debt and turnaround investing. These firms have raised a total of $85.8bn in capital commitments over the past 10 years, and have an estimated $23bn in dry powder available for distressed private equity investing.

The largest North American-based distressed private equity fund manager by total funds raised over the past 10 years is Avenue Capital Group. The New York-headquartered firm makes distressed debt investments across the globe, with particular funds focused on specific geographies such as Asia and Europe. The firm has raised a total of $17.5bn over the past 10 years, and is currently in market with Avenue Europe Special Situations Fund II which is seeking $1.5bn in capital commitments.

Avenue Capital Group is followed by Centerbridge Capital Partners and MatlinPatterson Global Advisors in terms of largest amount of capital raised for distressed private equity investing over the last 10 years. The two firms have raised a total of $9.6bn and $8.9bn respectively.

Centerbridge Capital Partners has the largest amount of estimated dry powder of North American-based distressed private equity fund managers. The firm closed its latest fund, the Centerbridge Capital Partners II fund, in August 2011 having surpassed its target and raising $4.4bn. The firm provides distressed debt investments to firms based in Europe and North America across a diversified range of sectors.

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