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Investments

35

Portfolio Exits

27

Funds

18

Partners & Customers

3

Service Providers

3

About Centerbridge Partners

Centerbridge Partners is a private equity firm. It was founded in 2005 and is based in New York, New York.

Centerbridge Partners Headquarter Location

375 Park Avenue 12th Floor

New York, New York, 10152,

United States

212-672-5000

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Latest Centerbridge Partners News

Sinema took Wall Street money while killing tax on investors

Aug 13, 2022

Author of the article: Article content WASHINGTON (AP) — Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party’s longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan. We apologize, but this video has failed to load. Try refreshing your browser, or Sinema took Wall Street money while killing tax on investors Back to video For years, Democrats have promised to raise taxes on such investors, who pay a significantly lower rate on their earnings than ordinary workers. But just as they closed in on that goal last week, Sinema forced a series of changes to her party’s $740 billion election-year spending package, eliminating a proposed “carried interest” tax increase on private equity earnings while securing a $35 billion exemption that will spare much of the industry from a separate tax increase other huge corporations now have to pay. Advertisement 2 Article content The bill, with Sinema’s alterations intact, was given final approval by Congress on Friday and is expected to be signed by President Joe Biden next week. Sinema has long aligned herself with the interests of private equity, hedge funds and venture capital, helping her net at least $1.5 million in campaign contributions since she was elected to the House a decade ago. But the $983,000 she has collected since last summer more than doubled what the industry donated to her during all of her preceding years in Congress combined, according to an Associated Press review of campaign finances disclosures. The donations, which make Sinema one of the industry’s top beneficiaries in Congress, serve a reminder of the way that high-power lobbying campaigns can have dramatic implications for the way legislation is crafted. They also highlight a degree of political risk for Sinema, whose unapologetic defense of the industry’s favorable tax treatment is viewed by many in her party as indefensible. Advertisement 3 Article content “From their vantage point, it’s a million dollars very well spent,” said Dean Baker, a senior economist at the Center for Economic and Policy Research, a liberal-leaning think tank. “It’s pretty rare you see this direct of a return on your investment. So I guess I would congratulate them.” Sinema’s office declined to make her available for an interview. Hannah Hurley, a Sinema spokesperson, acknowledged the senator shares some of the industry’s views on taxation, but rebuffed any suggestion that the donations influenced her thinking. “Senator Sinema makes every decision based on one criteria: what’s best for Arizona,” Hurley said in a statement. “She has been clear and consistent for over a year that she will only support tax reforms and revenue options that support Arizona’s economic growth and competitiveness.” Advertisement 4 Article content The American Investment Council, a trade group that lobbies on behalf of private equity, also defended their push to defeat the tax provisions. “Our team worked to ensure that members of Congress from both sides of the aisle understand how private equity directly employs workers and supports small businesses throughout their communities,” Drew Maloney, the organization’s CEO and president, said in a statement. Sinema’s defense of the tax provisions offer a jarring contrast to her background as a Green Party activist and self-styled “Prada socialist” who once likened accepting campaign cash to “bribery” and later called for “big corporations & the rich to pay their fair share” shortly before launching her first campaign for Congress in 2012. Advertisement 5 Article content She’s been far more magnanimous since, praising private equity in 2016 from the House floor for providing “billions of dollars each year to Main Street businesses” and later interning at a private equity mogul’s boutique winery in northern California during the 2020 congressional recess. The soaring contributions from the industry to Sinema trace back to last summer. That’s when she first made clear that she wouldn’t support a carried interest tax increase, as well as other corporate and business tax hikes, included in an earlier iteration of Biden’s agenda. During a two-week period in September alone, Sinema collected $47,100 in contributions from 16 high-ranking officials from the private equity firm Welsh, Carson, Anderson & Stowe, records show. Employees and executives of KKR, another private equity behemoth, contributed $44,100 to Sinema during a two-month span in late 2021. Advertisement 6 Article content In some cases, the families of private equity managers joined in. David Belluck, a partner at the firm Riverside Partners, gave a $5,800 max-out contribution to Sinema one day in late June. So did three of his college-age kids, with the family collectively donating $23,200, records show. “I generally support centrist Democrats and her seat is important to keep a Democratic Senate majority,” Belluck said, adding that his family has known Sinema since her election to Congress. “She and I have never discussed private equity taxation.” The donations from the industry coincide with a $26 million lobbying effort spearheaded by the investment firm Blackstone that culminated on the Senate floor last weekend. By the time the bill was up for debate during a marathon series of votes, Sinema had already forced Democrats to abandon their carried interest tax increase. Advertisement 7 Article content “Senator Sinema said she would not vote for the bill .. unless we took it out,” Senate Majority Leader Chuck Schumer told reporters last week. “We had no choice.” But after private equity lobbyists discovered a provision in the bill that would have subjected many of them to a separate 15% corporate minimum tax, they urgently pressed Sinema and other centrist Democrats for changes, according to emails as well as four people with direct knowledge of the matter who requested anonymity to discuss internal deliberations. “Given the breaking nature of this development we need as many offices as possible weighing in with concerns to Leader Schumer’s office,” Blackstone lobbyist Ryan McConaghy wrote in a Saturday afternoon email obtained by the AP, which included proposed language for modifying the bill. “Would you and your boss be willing to raise the alarm on this and express concerns with Schumer and team?” Advertisement 8 Article content McConaghy did not respond to a request for comment. Sinema worked with Republicans on an amendment that stripped the corporate tax increase provisions from the bill, which a handful of vulnerable Democrats also voted for. “Since she has been in Congress, Kyrsten has consistently supported pro-growth policies that encourage job creation across Arizona. Her tax policy positions and focus on growing Arizona’s economy and competitiveness are longstanding and well known,” Hurley, the Sinema spokesperson, said. But many in her party disagree. They say the favorable treatment does little to boost the overall economy and argue there’s little compelling evidence to suggest the tax benefits are enjoyed beyond some of the wealthiest investors. Advertisement 9 Article content Some of Sinema’s donors make their case. Blackstone, a significant source of campaign contributions, owns large tracts of real estate in Sinema’s home state, Arizona. The firm was condemned by United Nations experts in 2019 who said Blackstone’s financial model was responsible for a “financialization of housing” that has driven up rents and home costs, “pushing low-income, and increasingly middle-income people from their homes.” Blackstone employees executives and their family members have given Sinema $44,000 since 2018, records show. In a statement, Blackstone called the allegations by the UN experts “false and misleading” and said all employee contributions are “strictly personal.” The firm added that it was “incredibly proud of its investments in housing.” Advertisement 10 Article content Another major financial services donor is Centerbridge Partners, a New York-based firm that buys up the debt of distressed governments and companies and often uses hardball tactics to extract value. Since 2017, Sinema has collected at least $29,000 from donors associated with the firm, including co-founder Mark Gallogly and his wife, Elizabeth Strickler, records show. In 2012, Centerbridge Partners purchased Arizona-based restaurant chain P.F. Chang’s for roughly $1 billion. After loading the struggling company up with $675 million of debt, they sold it to another private equity group in 2019, according to Bloomberg News. The company received a $10 million coronavirus aid loan to cover payroll, but shed jobs and closed locations as it struggled with the pandemic. Advertisement 11 Article content Centerbridge Partners was also part of a consortium of hedge funds that helped usher in an era of austerity in Puerto Rico after buying up billions of dollars of the island government’s $72 billion debt — and filing legal proceedings to collect. A subsidiary of Centerbridge Partners was among a group of creditors who repeatedly sued one of the U.S. territory’s pension funds. In one 2016 lawsuit, the group of creditors asked a judge to divert money from a Puerto Rican pension fund in order to collect. A Centerbridge representative could not immediately provide comment Friday. Liberal activists in Arizona say they plan to make Sinema’s reliance on donations from wealthy investors a campaign issue when she is up for reelection in 2024. “There are many takes on how to win, but there is no universe in which it is politically smart to fight for favorable tax treatment of the wealthiest people in the country,” said Emily Kirkland, a political consultant who works for progressive candidates. “It’s absolutely going to be a potent issue.” —— Share this article in your social network Share this Story: Sinema took Wall Street money while killing tax on investors

Centerbridge Partners Investments

35 Investments

Centerbridge Partners has made 35 investments. Their latest investment was in Nanosys as part of their Series J on July 7, 2022.

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Centerbridge Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/25/2022

Series J

Nanosys

$20M

Yes

2

6/23/2022

Series E

SumUp

$312M

Yes

5

4/11/2022

Private Equity

Stenn

$50M

Yes

2

4/5/2022

PIPE

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10

3/15/2022

Private Equity

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$99M

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10

Date

7/25/2022

6/23/2022

4/11/2022

4/5/2022

3/15/2022

Round

Series J

Series E

Private Equity

PIPE

Private Equity

Company

Nanosys

SumUp

Stenn

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Amount

$20M

$312M

$50M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

5

2

10

10

Centerbridge Partners Portfolio Exits

27 Portfolio Exits

Centerbridge Partners has 27 portfolio exits. Their latest portfolio exit was Suntex Marinas on February 02, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/2/2022

Merger

$99M

1

11/4/2021

Acq - Fin

$99M

2

9/28/2021

Acquired

$99M

3

7/1/2021

Acquired

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$99M

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10

3/3/2021

Acq - Fin - IV

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$99M

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10

Date

2/2/2022

11/4/2021

9/28/2021

7/1/2021

3/3/2021

Exit

Merger

Acq - Fin

Acquired

Acquired

Acq - Fin - IV

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

2

3

10

10

Centerbridge Partners Acquisitions

45 Acquisitions

Centerbridge Partners acquired 45 companies. Their latest acquisition was Westrec Marinas on February 01, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

2/1/2022

$99M

Acq - Fin

2

10/7/2021

Other

$99M

Acq - Fin

4

8/30/2021

Private Equity

$99M

$32.5M

Acq - Fin - II

2

8/11/2021

Debt

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$99M

$99M

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10

11/18/2020

Private Equity

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$99M

$99M

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10

Date

2/1/2022

10/7/2021

8/30/2021

8/11/2021

11/18/2020

Investment Stage

Other

Private Equity

Debt

Private Equity

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$32.5M

$99M

$99M

Note

Acq - Fin

Acq - Fin

Acq - Fin - II

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Sources

2

4

2

10

10

Centerbridge Partners Fund History

18 Fund Histories

Centerbridge Partners has 18 funds, including Centerbridge Partners Real Estate Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/25/2022

Centerbridge Partners Real Estate Fund II

$2,300M

1

3/20/2019

CB Celtic Topco

$335.98M

1

2/13/2019

Centerbridge Partners Real Estate Fund

REAL Estate

Closed

$894.02M

2

10/31/2014

Centerbridge Capital Partners III LP

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$99M

10

3/31/2012

Centerbridge Special Credit Partners II LP

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10

Closing Date

1/25/2022

3/20/2019

2/13/2019

10/31/2014

3/31/2012

Fund

Centerbridge Partners Real Estate Fund II

CB Celtic Topco

Centerbridge Partners Real Estate Fund

Centerbridge Capital Partners III LP

Centerbridge Special Credit Partners II LP

Fund Type

REAL Estate

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Status

Closed

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Amount

$2,300M

$335.98M

$894.02M

$99M

Sources

1

1

2

10

10

Centerbridge Partners Partners & Customers

3 Partners and customers

Centerbridge Partners has 3 strategic partners and customers. Centerbridge Partners recently partnered with MassMutual on January 1, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

1/12/2022

Partner

United States

New reinsurer “Martello Re” launches with backing of MassMutual, Centerbridge Partners and Brown Brothers Harriman – Martello Re

We 've had a longstanding relationship with MassMutual , Barings , and Brown Brothers Harriman and we could n't be more grateful for their support in including us in this innovative partnership .

1

7/2/2018

Partner

United States, and Ireland

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10

4/12/2016

Vendor

United States

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10

Date

1/12/2022

7/2/2018

4/12/2016

Type

Partner

Partner

Vendor

Business Partner

Country

United States

United States, and Ireland

United States

News Snippet

New reinsurer “Martello Re” launches with backing of MassMutual, Centerbridge Partners and Brown Brothers Harriman – Martello Re

We 've had a longstanding relationship with MassMutual , Barings , and Brown Brothers Harriman and we could n't be more grateful for their support in including us in this innovative partnership .

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Sources

1

10

10

Centerbridge Partners Service Providers

3 Service Providers

Centerbridge Partners has 3 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Kirkland & Ellis

Private Equity

Counsel

General Counsel

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Service Provider

Kirkland & Ellis

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Associated Rounds

Private Equity

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Provider Type

Counsel

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Service Type

General Counsel

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Partnership data by VentureSource

Centerbridge Partners Team

20 Team Members

Centerbridge Partners has 20 team members, including current Senior Managing Director, Gavin R Baiera.

Name

Work History

Title

Status

Jeffrey H. Aronson

Founder

Current

Mark T. Gallogly

Founder

Current

Gavin R Baiera

Angelo Gordon, Morgan Stanley, and GE Capital

Senior Managing Director

Current

Jared S Hendricks

Senior Managing Director

Current

Matthew S. Kabaker

Senior Managing Director

Current

Name

Jeffrey H. Aronson

Mark T. Gallogly

Gavin R Baiera

Jared S Hendricks

Matthew S. Kabaker

Work History

Angelo Gordon, Morgan Stanley, and GE Capital

Title

Founder

Founder

Senior Managing Director

Senior Managing Director

Senior Managing Director

Status

Current

Current

Current

Current

Current

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