Avenue Capital Group
Encyclopedia
Avenue Capital Group is an American investment firm focusing on distressed securities
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 obligation
s. The firm manages assets valued at approximately $20 billion. 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.
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
:
Distressed securities
Distressed securities are securities of companies or government entities that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt...
and private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
with regional teams focusing on opportunities in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
. The firm operates as both a private equity firm
Private equity firm
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
and as a hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
. Avenue’s core strategy is focused on distressed
Distressed securities
Distressed securities are securities of companies or government entities that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt...
debt and equity securities although the firm also manages investment funds that focus on long-short opportunities
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
, real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
, and collateralized debt obligation
Collateralized debt obligation
Collateralized debt obligations are a type of structured asset-backed security with multiple "tranches" that are issued by special purpose entities and collateralized by debt obligations including bonds and loans. Each tranche offers a varying degree of risk and return so as to meet investor demand...
s. The firm manages assets valued at approximately $20 billion. 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
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, with offices in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
, Munich
Munich
Munich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
, and in cities throughout Asia. Avenue has approximately 350 employees across its 13 offices worldwide.
In the fall of 2006, Chelsea Clinton
Chelsea Clinton
Chelsea Victoria Clinton is a television journalist, currently serving as Special Correspondent for NBC News, and philanthropist, working through the Clinton Global Initiative. She is the only child of former U.S...
, daughter of former president Bill Clinton, joined the firm shortly after leaving McKinsey & Company
McKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
, 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.
History
Avenue Capital Group was founded in 1995 by Marc LasryMarc Lasry
Marc Lasry is an American billionaire hedge fund manager and co-founder and chief executive officer of hedge fund Avenue Capital Group.-Career:...
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
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
across its three principal regions (US, Europe and Asia) to invest in distressed securities
Distressed securities
Distressed securities are securities of companies or government entities that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt...
and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
:
External links
- Avenue Capital Group (company website)