Avenue Seeks $500 Million For Third Euro. Distressed Fund

Feb 5 2013 | 2:33am ET

Avenue Capital Group is readying its third European distressed debt fund.

The New York-based hedge fund is seeking just $500 million for the new vehicle, a far cry from the $2.78 billion it raised for its Europe Special Situations Fund II last year. But like the existing fund, the new fund will take a private-equity approach to investing in distressed and undervalued European securities, as well as direct-lending, The New York Times reports.

Avenue already has about one-third of its $12 billion in assets invested in Europe. The firm's founder, Marc Lasry, said in July that Avenue is making a "three- to five-year bet" on Europe.

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