Centerbridge Partners, a new investment firm set up by Mark Gallogly, who quit as Blackstone's head of private equity last September, and Jeremy Aronson, from US investment firm Angelo Gordon, has raised $1.8bn (€1.4bn) in its first fund close.

Investors expect the fund to exceed its original target of $2.5bn, and raise $3bn by the end of June, Dow Jones Newswires reports.