Launches & Closures

Avenue taps $2 billion for new European distressed debt fund

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Avenue Capital, the $1 2 billion New York-based global distressed debt specialist led by Marc Lasry, has raised $2 billion for its second Europe-focused fund at a time of growing interest among hedge funds in the sovereign and corporate distressed investing opportunities arising from the Eurozone debt crisis and the problems facing the European financial sector.

The launch of the new fund follows the earlier launch a few years ago of a $2.5 billion fund to invest in European distressed debt, which has reportedly delivered strong returns. Like its predecessor, the new European fund will be run by