Jan. 4 (Bloomberg) -- Aladdin Credit Partners LLC, the fund started in 2009 by former Goldman Sachs Group Inc. banker Luke Gosselin and ex-CIT Group Inc. executive Victor Russo, is being renamed Fort Hill Investment Partners LLC after the sale of an equity stake to a unit of Japan’s Mitsubishi Corp.
Fort Hill, based in New York, will hold debt of companies “in and around restructuring” situations, said Simmon Saraf, the fund’s chief operating officer. The investment manager oversees gross assets of about $800 million, it said in an e-mailed statement today.
“The rebranding is establishing a platform for growth,” Saraf said in a telephone interview.
The change follows a deal in which Aladdin Capital Holdings LLC split off part of its asset-management business into MC Asset Management Holdings LLC, a new company majority owned by Mitsubishi. The Tokyo-based trading firm, which bought a 19.5 percent stake in Stamford, Connecticut-based Aladdin for $40 million in 2008, had provided seed money for Aladdin Credit Partners, which initially focused on investing in bankruptcy loans amid a surge in insolvencies.
Gosselin previously was head of private principal finance at Goldman Sachs. Russo was president of CIT Group Inc.’s business-credit unit.
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