Avenue Scores $2.1 Billion For Distressed Debt Fund

Jan 12 2012 | 5:15am ET

Hedge fund Avenue Capital Group's second European distressed debt private equity fund is well on its way to its $2.5 billion capacity.

The firm has raised $2.1 billion for its Europe Special Situations Fund II as of its fourth closing, on Dec. 22, Bloomberg News reports. Avenue said the fund will seek to profit from opportunities stemming from Europe's sovereign debt crisis and from the continent's banks' need to shed some of their huge debt holdings.

The new fund will focus on northern European senior secured debt, equities or other distressed assets, and will be managed by Avenue's London team. It has a five-year term that could be extended to seven, marketing materials show.

Interested parties will have to pony up at least €10 million to invest in the fund.

Avenue's first European distressed p.e. fund launched four years ago with €1 billion and has enjoyed an 18.3% internal rate of return.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...