Marc Lasry
Encyclopedia
Marc Lasry is an American billionaire hedge fund
manager and co-founder and chief executive officer
of hedge fund Avenue Capital Group
.
in the late 1980s. Prior to that, Mr. Lasry was Co-Director of the Bankruptcy and Corporate Reorganization Department at Cowen and Company. Prior to that time, he served as Director of the Private Debt Department at Smith Vasiliou Management Company.
Lasry was approached by Robert M. Bass, to manage a pool of capital focused on distressed investments. With sister Sonia Gardner, Lasry founded distressed debt brokerage Amroc Investments in 1989.
In 1995, Lasry and Gardner struck out on their own with $7 million of capital to found Avenue Capital Group
. The siblings would build the hedge fund to well over $20 billion in assets.
Lasry clerked for the Honorable Edward Ryan, former Chief Bankruptcy Judge of the Southern District of New York.
and the Big Apple Circus
and as a trustee of the Mount Sinai Medical Center. Lasry is a prominent donor to Democratic Party
causes.
in 1981 and a J.D.
from New York Law School
in 1984.
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...
manager and co-founder and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of hedge fund Avenue Capital Group
Avenue Capital Group
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...
.
Career
Lasry began his career investing in distressed securitiesDistressed 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...
in the late 1980s. Prior to that, Mr. Lasry was Co-Director of the Bankruptcy and Corporate Reorganization Department at Cowen and Company. Prior to that time, he served as Director of the Private Debt Department at Smith Vasiliou Management Company.
Lasry was approached by Robert M. Bass, to manage a pool of capital focused on distressed investments. With sister Sonia Gardner, Lasry founded distressed debt brokerage Amroc Investments in 1989.
In 1995, Lasry and Gardner struck out on their own with $7 million of capital to found Avenue Capital Group
Avenue Capital Group
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...
. The siblings would build the hedge fund to well over $20 billion in assets.
Lasry clerked for the Honorable Edward Ryan, former Chief Bankruptcy Judge of the Southern District of New York.
Other affiliations
Lasry has served as a director of the 92nd Street Y92nd Street Y
92nd Street Y is a multifaceted cultural institution and community center located on the Upper East Side of Manhattan in New York City, United States, at the corner of E. 92nd Street and Lexington Avenue. Its full name is 92nd Street Young Men's and Young Women's Hebrew Association...
and the Big Apple Circus
Big Apple Circus
The Big Apple Circus is a circus that is based in New York City. Opened in 1977, it has become a tourist attraction as well. It has been highly influential towards the creation of Cirque du Soleil, tent-based circuses and smaller non-profit shows, such as Circus Flora.-The 1970s:The idea of...
and as a trustee of the Mount Sinai Medical Center. Lasry is a prominent donor to Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
causes.
Early background
Lasry, who was born in Morocco, grew up in West Hartford, Connecticut with his other sister, Ruth and his parents, Moise and Elise Lasry. He received a B.A. in history from Clark UniversityClark University
Clark University is a private research university and liberal arts college in Worcester, Massachusetts.Founded in 1887, it is the oldest educational institution founded as an all-graduate university. Clark now also educates undergraduates...
in 1981 and a J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
from New York Law School
New York Law School
New York Law School is a private law school in the TriBeCa neighborhood of Lower Manhattan in New York City. New York Law School is one of the oldest independent law schools in the United States. The school is located within four blocks of all major courts in Manhattan. In 2011, New York Law School...
in 1984.