Aladdin sets up distressed credit fund

Aladdin Capital has announced that it has made the final closing of two new distressed credit funds being set up as a partnership with two senior industry executives. Luke Gosselin, former head of private principal finance at Goldman Sachs, and Victor Russo, who previously led CIT’s business credit unit, are two of the partners in the new venture, Aladdin Credit Partners, along with Stamford-based Aladdin Capital.

The firm’s first two funds, Aladdin Credit Partners I and Aladdin Credit Offshore Fund I, total $573 million. They will invest in restructuring related opportunities, including debtor-in-possession loans, rescue financing and plan confirmation financing, according to a statement from the company.