Avenue Capital drops nearly $6 billion
September 01, 2011
New fundraising has not replaced the assets withdrawn from a private equity vehicle that began returning capital last year.
Assets at Marc Lasry’s Avenue Capital Group have dipped to $12.3 billion as of July 1 from $18 billion in January as the firm has been liquidating the Avenue Special Situations Fund V, a private equity vehicle that was launched in 2007. Investors said Lasry thought there was no more upside to be gained in distressed credit investing in Fund V and decided to start liquidating it and giving back money at the end of last year. The fund produced a 12.7% net annualized internal rate of return since inception.
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