Marc Lasry's Avenue Capital Group LLC is raising an about $500 million vent...
NEW YORK - Marc Lasry’s Avenue Capital Group LLC is raising an about $500 million venture debt fund, which could take advantage of a recent reckoning of what fast-growing startups such as WeWork are actually worth.
Avenue, the $10.4 billion New York-based distressed investment firm, has commitments of $100 million from one investor and aims to raise the remainder by the end of the year or the first quarter of 2020, Lasry said on Monday at the Reuters Global Investment Outlook 2020 Summit in New York.In August, WeWork filed for an initial public offering but abandoned the effort in September as investors balked at high valuations. The deal had originally valued the company at $47 billion.
Lasry said that Avenue is also benefiting in its lending from a shift by borrowers to avoid large institutions and governments, and that banks no longer had the edge in such a market.
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