# Avenue Capital Management II

Avenue Capital Management II is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** avenuecapital.com

## Regulatory record

- **CRD number:** 111845
- **SEC file number:** 801-57734
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-05-21T00:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/111845

## About

Avenue Capital Management II, L.P. is an SEC-registered investment adviser in New York, NY, registered since 2000. The firm manages approximately $5.0 billion in assets. It has 183 employees and 39 investment advisers.

## Sectors

- Private Credit
- Special Situations
- Real Estate
- Energy

## People

- Marc Lasry — Co-Founder, Chairman and Chief Executive Officer
- Sonia Gardner — Co-Founder, President and Managing Partner

## Questions

### Who runs investment decisions at Avenue Capital Management II?

Marc Lasry, co-founder and CEO, and Sonia Gardner, co-founder and President, jointly oversee the platform. Lasry focuses on sourcing and large distressed-debt theses, while Gardner manages the firm's day-to-day investment operations, a structure that has been in place since the firm's 1995 founding.

### How does Avenue source distressed-debt opportunities?

The firm sources through two primary channels: direct relationships with selling banks and forced sellers in bankruptcy proceedings, and Lasry's extensive network across sovereign governments and distressed corporates. Avenue's reputation as a buyer of complex, out-of-favor debt pools — including European non-performing loans and Puerto Rico government bonds — brings deal flow from institutions seeking rapid portfolio de-risking.

### What was the controversy around Avenue's Puerto Rico investment?

Avenue held a $1.5 billion position in Puerto Rican government debt, becoming one of the island's largest creditors ahead of its 2017 bankruptcy. The position drew public criticism after Hurricane Maria when protesters demanded debt relief, and it became a central case study in the ethics of distressed sovereign-debt investing. Lasry publicly defended the investment, arguing the firm engaged in good-faith restructuring negotiations (per the Financial Times, 2018).

### Which sectors does Avenue explicitly avoid?

Avenue has historically avoided venture-stage and growth-equity technology investments, which lack the distressed entry price and restructurable balance sheets its underwriting requires. The firm's energy exposure has been limited to post-distress entry points rather than exploration-stage or speculative drilling positions.

### How does Avenue Capital Management II differ from Avenue Capital Group?

Avenue Capital Management II is a specific vehicle within the broader Avenue Capital Group platform, formed in 2008 as a distressed-debt and special-situations fund. Avenue Capital Group encompasses multiple vehicles including U.S. and Europe-focused distressed funds, a real estate arm, and historically an Asia special-situations fund. The management company and investment committee are shared across strategies.

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- [Pugh Capital Management](https://altss.com/profile/pugh-capital-management-inc)
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Last updated: 2026-06-03T20:00:00.000Z

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