Avenue Capital’s fund of funds dips in May

By Suzy Kenly Waite

Tue Jun 29, 2010

Marc Lasry’s Avenue Strategic Partners dropped 1.79% in May yet remains positive on the year, returning 3.43% in 2010. The fund is invested York, Glenview, Marathon and Gracie Capital, among others.

Marc Lasry’s Avenue Capital Group, which manages $19.7 billion, has produced solid performance in its distressed and special situations fund of funds, which is up 3.43% through May despite a loss of 1.97% that month.

Avenue Strategic Partners, which manages $236 million, is invested in York Capital Management, Davidson Kempner Capital Management, Marathon Asset Management and Taconic Capital Advisors, among others.

Last year, the fund gained 23.36%, a nice recovery after dropping 21.54% from its June 2008 inception through yearend 2008. Assets at Lasry’s firm are just below a July 2008 peak of $20.45 billion.

As of April, Avenue Strategic Partners was invested with 18 managers (see chart of the top ten below).

As of April, roughly 9.4% of Avenue Strategic Partners’...

ISSN: 2151-1845 / CDC10004H

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