Avenue To Launch $3 Billion Distressed-Debt Hedge Fund

Feb 12 2010 | 5:44am ET

While a lot of hedge fund firms are rushing to close their distressed debt funds, Avenue Capital Group is launching one.

The New York-based firm, which has about $18.5 billion in assets, is currently fundraising for the new vehicle. Avenue Capital founder Marc LasryAvenue Capital founder Marc LasryAvenue expects to raise about $3 billion for the fund, Bloomberg News reports. Fundraising is expected to be finished within three months.

Avenue’s move is counter the recent trend: BlueMountain Capital Management, Highland Capital Management and Silverback Asset Management have all begun unwinding distressed debt funds over the last few months.

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