One year ago
Assets at Marc Lasry’s Avenue Capital Group
dipped to $12.3 billion by midyear 2011, from $18 billion just
six months earlier, as the firm had been liquidating a private
equity vehicle launched in 2007.
The firm’s capital base has held steady since
then, sliding to $12.2 billion
at the start of 2012 and landing at $12.4 billion in the
upcoming Billion Dollar Club survey for midyear. Its figure
next year is likely be higher;
Avenue raised nearly $3 billion this summer for a new
European distressed fund.
Lasry said in July that he was buying up debt on the
Continent because the risk premium was so high.
Todd Fogarty, an external spokesperson for the firm,
declined to comment
Best ideas for credit investing from Avenue •
Avenue’s fund of funds dips
George Soros was slapped with a $50 million lawsuit by his
Brazilian soap opera star ex girlfriend, Adriana Ferreyr, just
a month after announcing he would close his hedge fund to
outside investors and run it as a family office. She claimed
Soros owed her an apartment he had promised to buy her, and
that his failure to do so amounted to intentional infliction of
emotional distress. Soros has denied the claims, and the
lawsuit is still
Just last month
the 82-year-old became engaged to a 40-year-old yoga
Ferreyr had alleged Soros began seeing during their
relationship, and whom she said Soros described as his
Soros has maintained his enormous generosity
despite his apparent unwillingness to add real-estate-seeking
ex-girlfriends to the rolls of his charitable empire. He
slipped three spots to fourth place in the annual
Chronicle of Philanthropy rankings of the
nation’s top charitable donors, though his annual
giving stayed almost the same at $335 million. One area he has
pulled back from is political donations, as this election cycle
the longtime Democrat has given only about 20% of what he did
in 2008 to so-called super PACs supporting President Barack
the New York Post reported recently.
Soros leads hedge funds on Forbes list of richest
Former Soros CIO preps global macro fund
Five years ago
»» Steve Mandel’s
Lone Pine Capital Management spawned its first offspring:
David Stemerman’s Conatus Capital Management.
Stemerman launched his global long/short equity
fund in January 2008 with $2.3 billion, making it the
second-biggest startup of the first half of that year.
Mandel took a small equity stake in the firm. Assets rose
as high as $3.5 billion
one year ago, but have fallen back to $2.3 billion as of
July 1 this year.
Another Lone Pine émigré, Matt
Iorio, planned a launch at around the same time. He got off the
ground three months earlier than Stemerman in September 2008,
but had amassed only $334.6 million as of December 31, 2011,
according to a regulatory filing.
Glenn Sapadin, Conatus’ director
of investor relations, did not return a call seeking