Aladdin Credit Partners (ACP), a joint equity venture formed by co-founders Luke Gosselin and Victor Russo, and Aladdin Capital Holdings, has announced the closing of its USD573m initial credit opportunites funds, Aladdin Credit Partners I LP and Aladdin Credit Offshire Fund I LP.
Both ACP funds are focused on investing in restructuring-related opportunites including rescue financing, debtor-in-possession financing, and plan confirmation financing.
“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 co-founder Gosselin, who prior to creating ACP was most recently head of private principle finance at Goldman Sachs & Co in New York and London. “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.”
Co-founder Victor Russo, former president of CIT Business Credit, an opperating subsidiary of CIT Group Inc in New York, 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 ongoing need in 2010 and beyond for funding those companies in financial distress. ACP is well positioned from both a product and personnel standpoint to take avantage of the opportunity set.”
