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.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note