Former Blackstone Group head of private equity Mark Gallogly has raised $500m (€394bn) more than originally expected for his first independent private equity fund, the latest of several recent funds focused on distressed or high-yield investments.

Gallogly's firm, Centerbridge Partners, has raised $3bn to focus on leveraged buyouts and distressed-debt investing. The fund had raised $1.8bn by its first close in early June, and had targeted a final close of $2.5bn.