Avenue Capital Group - History

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.

In 1995, Mr. Lasry and Ms. Gardner started their first Avenue fund, Avenue Investments, with less than $10 million. This onshore fund has grown to $509 million as of December 31, 2012.

In 1997, Mr. Lasry and Ms. Gardner formed their second Avenue fund called Avenue International. This offshore fund attracts U.S. tax exempt and non-U.S. investors. As of December 31, 2012, Avenue International has $1,461 million in assets under management.

In 2012, The firm was featured in Maneet Ahuja’s book, The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds.

Since its inception in 1995, Avenue has raised 13 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
  • 2011 - Avenue Special Situations Fund VI - $1.9 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
  • 2012 - Avenue Europe Special Situations Fund II – $2.78 billion

Avenue launched its Asian-focused distressed business in 1999. In 2004, Avenue launched its European-focused distressed business with Rich Furst as the senior portfolio manager. While building distressed debt, the European branch of the firm also writes loans for small companies that are unable to obtain financing.

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