Avenue Capital

Avenue Capital Group is a global investment firm established in 1995 by its Senior Principals, Marc Lasry and Sonia Gardner. The firm's origins trace back to the founders' previous venture, Amroc Investments, LLC, which began in 1989 as a distressed debt investment partnership. Mr. Lasry and Ms. Gardner have dedicated their professional careers to investing in both private and public debt markets, accumulating nearly three decades of experience across various industries. Avenue Capital Group was founded with an initial focus on distressed debt, a market in which its founders were considered pioneers.

The firm's primary focus encompasses specialty lending, opportunistic credit, and other special situations investments across the United States, Europe, and Asia. While Avenue Capital Group's investment focus has evolved from distressed debt, it has transitioned towards the private credit markets. This evolution maintains a consistent and disciplined investment approach. The firm seeks to identify value in outwardly challenging situations, performing rigorous analysis of both the industry and individual companies before committing to an investment. Avenue Capital Group also recognizes the importance of environmental, social, and governance (ESG) issues and is a signatory to the United Nations Principles for Responsible Investment.

Avenue Capital Group's investment strategy involves a thorough due diligence process and leverages a network of relationships to proactively identify opportunities in fragmented, capital-constrained markets. The firm aims to extract excess premium through these identified opportunities. Its investment professionals seek businesses with sustainable operations and positive cash flow that may be experiencing financial distress, often referred to as "good companies with bad balance sheets." The firm typically pursues non-operational control investments, allowing its professionals to concentrate on pre-investment research and analysis rather than post-investment operational management.

Headquartered in New York City, Avenue Capital Group maintains a global presence with additional offices across Europe and Asia. These international locations include London, Luxembourg, Munich, Beijing, Hong Kong, New Delhi, Singapore, Silicon Valley, and Abu Dhabi. The firm operates with a well-developed infrastructure, supported by experienced professionals in accounting, tax, compliance, risk management, legal, investor relations, and information technology. Avenue Capital Group draws on the skills and experience of over 175 employees worldwide and manages assets estimated to be $9.2 billion.

Regarding its involvement in the student accommodation sector, Avenue Capital Group acquired a portfolio of Purpose Built Student Accommodation (PBSA) assets in the United Kingdom in October 2013. This acquisition comprised approximately 1,800 bed spaces, representing the initial phase of a long-term investment strategy in the UK student accommodation market. The properties were acquired from KPMG, acting as the administrator for certain former Opal Property Group companies. These assets are situated in UK cities with significant university populations, including 992 bed spaces in Sheffield and 648 bed spaces in Nottingham. Richard Furst, Senior Portfolio Manager of the Avenue Europe Strategy and Chief Investment Officer of Avenue Capital Group, noted the acquisition of these high-quality assets as foundational for the firm's broader investment intentions in the sector.