Avenue Capital closes new European debt fund with $1bn
Avenue Capital Group has announced the final closing of its Avenue Europe Special Situations Fund V with approximately $1bn (£800m) raised.
The new fund will focus on delivering senior secured, asset-backed loans to excluded borrowers in Northern Europe.
Backing has come from a range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
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“We are gratified to have received such strong support for the Avenue Europe Fund from our existing and new investment partners,” said Marc Lasry, chief executive and co-founder of Avenue Capital Group.
Avenue Capital has invested more than $26bn in European credit and unique circumstances since its launch.
Its assets under management are currently close to $4bn.
Read more: Avenue Capital hires BlackRock exec amid private credit push in Asia
The global investment firm is primarily focused on specialty lending, opportunistic credit and other special situations investments in the United States, Europe and Asia.
In March, the firm hired former BlackRock executive Stephanie Boenawan to explore private credit investment opportunities across Southeast Asia, as it seeks to expand its offerings.
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