Centerbridge Partners has set its sights on raising $3.5bn for its fifth flagship private equity fund, significantly lower than the level of investor cash raised for previous vehicles, according to a report by Buyouts Insider.
LP overallocations and liquidity concerns have seen GPs lower their fundraising targets over the past year, but the drop in Centerbridge’s ambitions for Fund V stands out.
The target is inline with Fund IV’s $3.3bn close, although Centerbridge was originally targeting $6bn for that fund, while Fund III closed in 2014 after raising more than $6bn, and the 2011 vintage Fund II raised $4.4bn, above its initial target of $3.75bn.
