Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 15 May 2023

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

Marc is the Chairman, CEO, and Co-founder of Avenue Capital Group, a global investment firm focused on distressed debt that he founded in 1995 with his sister, Sonia Gardner. Almost thirty years later, Avenue manages $12 billion in assets.

Our conversation covers Marc’s background and path to investing, the early days in distressed, inflection points in Avenue’s history, including the decision to return half the capital in 2011 and to sell a minority stake to Morgan Stanley, and owning a stake in the Milwaukee Bucks NBA franchise over the last decade. We then turn to the investment environment, attractiveness across geographic regions, creating a competitive advantage, and opportunities in distressed lending, sports, and Asia. We close discussing Marc’s involvement in politics and lessons from chess and poker.

For full show notes, visit the episode webpage here.

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Transcript

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0:00.0	Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets.
0:10.5	Ten East brings benefits of having your own family office without the cost and headaches of doing so.
0:16.8	It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner.
0:24.2	Michael and his investment team offer members the opportunity to co-invest by offering at their
0:29.1	discretion. Michael and his team source, diligence, and commit material personal capital to each
0:35.3	investment. The opportunities shared on the Ten East platform
0:38.9	offer exposure to private credit, real estate, niche venture and private equity, and other
0:44.5	idiosyncratic investments that typically aren't available through traditional channels.
0:49.2	The principles have over a decade track record of investing in these types of exposures
0:53.5	across more than 350
0:55.7	transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting,
1:01.8	just as you'd expect from an institutional investment organization. I've known Michael for about a
1:07.0	decade, and after becoming impressed by the quality of 10 East offerings, its research
1:11.6	process, and high-quality investment team, I became an advisor to the organization, an investor
1:17.1	in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10,
1:25.4	east.co.O.
1:33.4	Capital Allocators is also brought to you by SRS Aquium.
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	...

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