Bloomberg – Avenue Capital Group, the hedge fund run by Marc Lasry, plans to raise a fund to buy different types of credit by selling shares to the public, a first for the firm.
The firm has hired Randy Takian from Morgan Stanley to oversee the fund as Avenue looks to diversify its product offerings and potentially raise more portfolios by selling shares to the public, according to people familiar with the decision. Takian is listed as trustee and chief executive officer of the Avenue Income Credit Strategies Fund, according to a prospectus filed yesterday with the U.S. Securities and Exchange Commission.
