Mark Gallogly, co-founder and managing principal of Centerbridge Partners, on Thursday offered a cautious outlook for distressed opportunities in Europe, speaking at the Dow Jones Private Equity Analyst conference in New York.

"Europe won't be a tidal wave of transactions but a good steady flow," said Gallogly. The firm will invest in European deals from the $4.4 billion fund it raised last year, deciding not to raise a specific European fund in order to have the flexibility to invest in North American or European deals. Half of the fund's capital is earmarked for buyouts and the other half for "distress-for-control" deals in which the firm typically acquires a company's debt with a view to gaining control of the company....