Marc Lasry’s Avenue Capital Group is preparing to launch a new hedge fund that will invest in distressed European assets.
The New York Times reported that New York-based Avenue Capital is currently raising $500 million for the new fund. The new fund, to be headed by the firm’s senior portfolio manager Richard Furst, will focus on private equity and direct lending in Europe.
Avenue Capital had about $3.9 billion allocated to European assets at the end of last year.
With additional offices in London and Munich, Avenue Capital has approximately $12 billion in assets under management.