Avenue Capital Group Closes on Over $1 Billion in Commitments for European Strategy Targeting Asset-Backed Lending Opportunities

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May 09, 2024, 07:00 ET

NEW YORK and LONDON, May 9, 2024 /PRNewswire/ -- Avenue Capital Group today announced the successful final closing of the Avenue Europe Special Situations Fund V (the "Avenue Europe Fund"). Together with separately managed accounts, over $1 billion of commitments have been raised for the Avenue Europe Fund from a broad range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers and family offices.

The Avenue Europe strategy is focused on providing senior secured, asset-backed loans to structurally underserved borrowers across Northern Europe. As traditional lenders have reduced their lending in certain areas of the market, there is an attractive opportunity for alternative lenders with established capabilities. The Avenue Europe team leverages Avenue's origination platforms and long-standing presence in Europe to generate a large volume of recurring lending opportunities in these market niches which are generally less competitive and have high barriers to entry.

Avenue is an established investor in Europe. The firm launched its dedicated presence in the region in 2004 and has since deployed more than $26 billion in European special situations and credit investments. Today, its Europe team of investment professionals operates from a London headquarters and offices throughout the region, overseeing close to $4 billion in investments across a range of investment vehicles focused on Europe.

"We are gratified to have received such strong support for the Avenue Europe Fund from our existing and new investment partners," said Marc Lasry, CEO and Co-Founder of Avenue Capital Group. Jon Ford, Senior Portfolio Manager and Head of Avenue's Europe Strategy, added, "We are confident in our ability to deliver attractive and differentiated returns. Our pipeline of lending opportunities continues to significantly exceed our available capital."

"The support from our investors will allow us to continue to target a compelling opportunity in European asset-backed lending," said Padraig Moore, Senior Portfolio Manager. "We look forward to growing the Avenue Europe business as we see an incredible number of opportunities in our area of expertise in the market."

The Avenue Europe Fund has drawn over 50% of committed capital and is expected to be fully committed within the next 12 months.

About Avenue Capital Group
Avenue Capital Group is a global investment firm focused primarily on making opportunistic credit and other special situations investments across the United States, Europe and Asia. Avenue, founded in 1995 by Marc Lasry and Sonia Gardner, draws on the skills and experience of over 60 investment professionals, and more than 180 employees worldwide operating from its headquarters in New York and three offices across Europe, four offices throughout Asia, an office in Silicon Valley and an office in Abu Dhabi. Avenue has assets under management of approximately $12.2 billion.