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Centerbridge’s latest fund oversubscribed after six weeks on the road

4 Aug 2014

nyPrivate equity firm Centerbridge Partners has reportedly received demand of more than $11bn for its $5.75bn-targeting third fund.

Centerbridge Capital Partners III has only been on the road for six weeks and has already received twice the level of demand, said Dow Jones, citing investor sources. The firm’s previous fund was closed on $4.4bn in 2011.

Private equity firm Centerbridge Partners has reportedly received demand of more than $11bn for its $5.75bn-targeting third fund.

As a result, some of the LPs had to scale back the amount they planned to commit to the vehicle.

The fund is expected to hold a first close – which could also be its final close – by the end of the year, said one of the investors.

Data from Preqin showed that private equity funds have taken 16 months on average to hold a final close.

Last month AltAssets reported that Pennsylvania State Employees’ Retirement System decided to commit $50m to the fund.

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