P38 Enterprises

Marc Lasry is the principal decision-maker. The office is closely held and does not publicly list a formal investment committee. Lasry's deal-making track record from Avenue Capital Group — investing in distressed debt and special situations since 1995 — and his personal relationships with other sports-franchise owners and co-investors inform the office's concentrated bets. Operational management is handled by a small, undisclosed internal team.

P38 is a legally separate family office that manages the Lasry family's personal capital; it is not a subsidiary or affiliate of Avenue Capital Group. Avenue remains an SEC-registered investment adviser managing institutional capital for third-party LPs, while P38 holds assets — principally sports franchise equity and related real estate — that the fund cannot accommodate due to liquidity and concentration constraints. The two entities share no commingled capital.

In 2014, Marc Lasry and co-investor Jamie Dinan led a group that purchased the Milwaukee Bucks from Herb Kohl for $550 million. Lasry's stake was held through P38 Enterprises and represented his personal commitment to the franchise. Over the next nine years the team won the 2021 NBA championship, and in April 2023 Lasry sold his approximately 25% interest to the Haslam Sports Group at a reported $3.5 billion total franchise valuation, marking one of the most prominent family-office sports exits.

Public disclosures center almost exclusively on sports franchises and adjacent commercial real estate — principally the Milwaukee Bucks ownership and the Deer District arena development in Milwaukee. Lasry also participated in the RedBall Acquisition Corp SPAC targeting sports-asset acquisitions. It is not publicly known whether the office maintains a diversified public-markets or private-investment portfolio, though the wealth origin suggests possible residual Avenue Capital co-investment and credit exposure.

During the Bucks ownership period, Lasry co-invested with private-equity investor Jamie Dinan and a small syndicate of Milwaukee-based limited partners. Post-Bucks, the office's co-investor relationships have not been publicly disclosed. Lasry's deep network across hedge-fund founders, sports-franchise owners, and Democratic donor circles provides a proprietary sourcing channel for future control-stake or club-deal opportunities.

The wealth was generated through Avenue Capital Group, the global distressed-debt and special-situations investment manager Marc Lasry co-founded with his sister Sonia Gardner in 1995. Avenue grew to manage over $12 billion in assets, investing in distressed U.S. and European corporate credit, structured products, and direct lending. Realized gains from Avenue's flagship funds provided the primary capital base for the family office.

The firm's name derives from a Lockheed P-38 Lightning fighter aircraft. It reflects Lasry's fascination with aviation history and follows a pattern of private investment vehicles using discrete, non-descriptive names that obscure the family connection — helpful in negotiations where a transparent label like 'Lasry Capital' would alter deal dynamics.