Marc Lasry's $2.6 Billion Bet On European Vice Is Up Over 19%

Marc La sry

Photo: CNBC

Bloomberg has a lengthy profile of Avenue Capital founder Marc Lasry.Somewhat unsurprisingly, the distressed investor sees good times for his funds ahead, as turmoil in Europe depresses asset values.

And while 2011 was a tough one for Lasry, Avenue posting a 10 per cent loss, Bloomberg notes that one investment continues to perform well for the fund: European vice.

An earlier European fund that invested more than $2.6 billion in pubs, casinos and other beaten-down assets has generated average annualized returns of 19.3 per cent since it began in May 2008, ranking it in the top 25 per cent of its peers, according to research group Preqin Ltd. in London.

The article also discusses Lasry’s emigration to the U.S. from Morocco at the age of 7, his support of Democrats and Barack Obama in particular and his penchant for poker contests with fellow investing luminaries.

Read more at Bloomberg (via Counterparties).

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