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Avenue Capital shuts down original hedge fund

By NexChange
Hedge Funds

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2015 has not been kind to distressed asset funds. Oaktree for instance has been posting lackluster earnings, and many of them got creamed betting on troubled energy companies. For Avenue Capital however, the year marks one of the worse events in its 20-year history – well, symbolically at least:

“Amid a negative performance and a shift to funds with longer-term investor commitments, the distressed-investing firm Avenue Capital Group is closing its original hedge fund, Avenue Investments, and returning money to the fund's investors.”

CNBC does add that the fund composed just $350 million out of the firm’s $13 billion total AUM though, so it might not have any material effect on Avenue as a whole.

Photo: Bryan Mills

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