Avenue Said to Raise $2.8 Billion for European Distressed Fund
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Avenue Capital Group LLC, the distressed-debt firm co-founded by billionaire Marc Lasry, has closed its second European fund at $2.78 billion to invest in companies hurt by the region’s sovereign-debt crisis, according to a person familiar with the situation.
The firm in May exceeded its $2.5 billion goal for Avenue Europe Special Situations Fund II, a little more than one year after starting to raise money, said the person, who asked not to be identified because the fund is private. Kathleen Deveny, a spokeswoman for the New York-based firm, declined to comment.