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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR