Contrarian Capital Management is adding to its menu of funds with the launch of Contrarian Capital Finance in April. The new fund will originate new secured second-lein financings as well as make opportunistic purchases of secured debt in the secondary market.
The Greenwich.-based firm manages in excess of $1.8 billion in assets across five funds in the distressed space. Executives Steve Czech, Janice Stanton, Bill Raine and Scott Kasen will lead the new fund.
The firm recently pushed into the lending arena, which is dominated by firms like Steve Feinberg's Cerberus and a new team at Soros. It previously participated