Lasry Winds Down Asia Fund

Distressed debt and equity specialist Avenue Capital is slowly selling the assets of a long-running Asia fund in preparation to closing it down. 

 Avenue chief Marc Lasry is not in a hurry. The winding down process is expected to take another year or so.

Earlier this year HedgeFundAlert reported that Lasry ousted Avenue’s Asian investments manager Malcolm Robinson. Currently Mark Harris heads the Asia  strategy, which was  estimated as containing $2 billion of the firm’s assets as of the end of June. The fund that is shutting down accounts for a small portion of the business.

Avenue runs funds that invest in various regions’ distressed securities. In addition there is a real estate strategy and a fund of funds operation. Total assets are about $12.4 billion, down from around $18 billion over a year ago.

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Tags: Avenue Capital, HedgeFundAlert, Marc Lasry, Mark Harris