Avenue Capital Group

Avenue Capital Group

Type	Limited liability company
Industry	Private Equity, Distressed securities
Founded	1995
Founder(s)	Marc Lasry, Sonia Gardner
Headquarters	New York, New York, United States
Products	Private equity funds, Hedge funds
Total assets	$20 billion [1]
Employees	350
Website	www.avenuecapital.com

Avenue Capital Group is a global investment firm focusing on distressed securities^[2] and private equity with regional teams focusing on opportunities in the United States, Europe and Asia. The firm operates as both a private equity firm and as a hedge fund. Avenue’s core strategy is focused on distressed debt and equity securities although the firm also manages investment funds that focus on long-short opportunities, real estate, and collateralized debt obligations. The firm manages assets valued at approximately $20 billion^[1]. The firm was founded by former professionals of Amroc Investments, an affiliate of the Robert M. Bass Group.

The firm is headquartered in New York City, with offices in London, Luxembourg, Munich, and in cities throughout Asia. Avenue has approximately 350 employees across its 13 offices worldwide.

In the fall of 2006, Chelsea Clinton, daughter of former president Bill Clinton, joined the firm shortly after leaving McKinsey & Company, a management consultancy. However, she has since left the firm and returned to graduate school.

Bloomberg reported that as of Feb. 28, 2010, Avenue Capital Group is the 13th largest hedge fund in the world. ^[3]

History

Avenue Capital Group was founded in 1995 by Marc Lasry and Sonia Gardner. The two founders had previously founded Amroc Investments in 1989 as a $100 million distressed debt investment fund organized in association with the Robert M. Bass Group.

Since its inception in 1995, Avenue has raised 11 private equity style investment funds across its three principal regions (US, Europe and Asia) to invest in distressed securities and real estate:

United States 1998 - Avenue Special Situations I - $133 million 2001 - Avenue Special Situations II - $520 million 2003 - Avenue Special Situations III - $628 million 2006 - Avenue Special Situations IV - $1.68 billion 2007 - Avenue Real Estate Fund - $166 million 2007 - Avenue Special Situations V - $6.0 billion

Asia 2001 - Avenue Asia Capital Partners - $126 million 2001 - Avenue Asia Special Situations II - $275 million 2003 - Avenue Asia Special Situations III - $628 million 2006 - Avenue Asia Special Situations Fund IV - $3.0 billion Europe 2008 - Avenue Europe Special Situations Fund - €1.5 billion

References

1. ^ ^{a b} As of August 31, 2008
2. ^ Griffiths, Tony (October 06, 2010). "The HFMWeek 50 most influential people in hedge funds". HFMWeek. http://www.hfmweek.com/features/593652/the-hfmweek-50-most-influential-people-in-hedge-funds.thtml. Retrieved 5 August 2011. 
3. ^ Burton, Katherine. "Paulson’s $32 Billion Funds Prompt Too-Big Concerns". Bloomberg News. http://www.bloomberg.com/apps/news?pid=20601010&sid=aIYgwDYuIAms. Retrieved 29 March 2010. 

• A World Where Down Means Up. New York Times, August 19, 2005

External links

• Avenue Capital Group (company website)