US hedge fund billionaire Marc Lasry is planning to launch a distressed debt-focused investment trust for the UK market in September, Investment Week understands.
Lasry is expected to seed it with several hundred million dollars of his own money, while J.P. Morgan Cazenove is tipped to act as a broker. Lasry has been meeting investment trust buyers over the past six months to canvass support for the launch. While pricing remains unconfirmed, the hedge fund manager is thought to have initially suggested annual fees of 2% and a 20% performance fee. The firm Lasry co-founded, Avenue Capital, is a specialist in distressed debt strategies, and already runs one European debt strategy alongside other focused on the US and Asia. The group also ru...
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