Avenue To Launch $3 Billion Distressed-Debt Hedge Fund

Feb 12 2010 | 6:44am 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

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of