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Laxman Pai, Opalesque Asia:

American multinational investment firm Avenue Capital Group closed its latest fund - Avenue Europe Special Situations Fund V - with more than $1 billion as investor appetite for European lending strategies picks up.

For its asset-backed lending opportunities-focused European strategy, the New York City-headquartered fund manager received 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 strategy is focused on providing senior secured, asset-backed loans to structurally underserved borrowers across Northern Europe. As traditional lenders have reduced their lending in certain areas of the market, there is an attractive opportunity for alternative lenders with established capabilities," said a press release from the global investment firm with $12.2 billion in AUM.

The Avenue Europe team leverages Avenue's origination platforms and long-standing presence in Europe to generate a large volume of recurring lending opportunities in these market niches which are generally less competitive and have high barriers to entry, said the release.

Marc Lasry, CEO and Co-Founder of Avenue Capital Group. Jon Ford, Senior Portfolio Manager and Head of Avenue's Europe Strategy said: "We are confident in our ability to deliver attractive and differentiated returns. Our pipeline of lending opportunities conti......................

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