Avenue Capital Group has completed the final closing of its Avenue Europe Special Situations Fund V. The Avenue Europe Fund has received approximately $1bn in commitments from a diverse spectrum of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
The Avenue Europe approach focuses on delivering senior secured, asset-backed loans to excluded borrowers in Northern Europe.
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Moreover, alternative lenders possessing recognised capabilities have an appealing potential, as traditional lenders have curtailed their lending in specific segments of the market.
In order to create a lot of recurring lending opportunities in these market niches—which are typically less competitive and have high hurdles to entry—the Avenue Europe team takes advantage of Avenue’s origination platforms and established presence within Europe.
Since launching a committed presence in the area in 2004, Avenue has invested more than $26bn in European credit and unique circumstances.
Currently, its Europe team of financial experts manages close to $4bn in assets across a variety of European-focused investment vehicles from offices across the continent and a London headquarters.
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By GlobalDataMarc Lasry, CEO, and co-founder of Avenue Capital Group said: “We are gratified to have received such strong support for the Avenue Europe Fund from our existing and new investment partners.”
Jon Ford, senior portfolio manager and head of Avenue’s Europe Strategy, added: “We are confident in our ability to deliver attractive and differentiated returns. Our pipeline of lending opportunities continues to significantly exceed our available capital.”
Padraig Moore, senior portfolio manager stated: “The support from our investors will allow us to continue to target a compelling opportunity in European asset-backed lending. We look forward to growing the Avenue Europe business as we see an incredible number of opportunities in our area of expertise in the market.”
The Avenue Europe Fund has received over 50% of its committed funds and is projected to be fully invested within the next 12 months.
