Avenue nears fundraising goal for European fund

The US alternative investment firm has raised $421 million for its distressed European fund, which is targeting $500 million total.  

Avenue Capital Group, the New York-headquartered alternative investment firm, reported in an SEC filing today (13 January) that it has raised $421 million for its Avenue Europe Capital Solutions Fund. The vehicle is targeting European distressed opportunities. Avenue launched it in 2013.  

The fund is targeting $500 million overall, according to a DealBook story in February, 2013. The fund is being headed by chief investment officer Richard Furst. The fund is focusing on distressed opportunities and other undervalued securities in Europe. The fund will invest both both via direct lending and private equity in Europe, sources told DealBook at the time.

Founder Marc Lasry (pictured) has previously said he’s making a long term bet on Europe. The firm is also in the process of raising a $750 million distressed energy fund, the Avenue Energy Opportunity Fund, which the Pennsylvania Public School Employees Retirement System committed $200 million to at its December meeting, as PDI previously reported.

Avenue Capital is headquartered in New York and manages private equity, private debt and hedge fund strategies. It has $13.9 billion under management overall.