Avenue Capital bolsters Asia team ahead of planned fundraise

The firm focuses on investments in distressed and undervalued corporate debt in addition to special situations, performing and restructured debt, alternative financing, and non-performing loans. Avenue's previous regional vehicle - Avenue Asia Special Situations Fund IV - closed in 2006 at $3.1 billion, nearly five times the size of its predecessor.

Gorthy, who will become a senior portfolio manager, performed a similar strategy within PAG's special situations division. He joined the Asia-focused firm in 2009, having previously worked in the Asia Pacific distressed products group at Deutsche Bank.

Galanter has spent the last six years as head of business development at PAG. As managing director, he will concentrate on business development, strategy and management for Avenue Asia.

Gorthy and Galanter will formerly start their new jobs at the end of December. Mark Harris will continue as a portfolio manager in Asia along with the Avenue investment professionals based throughout the region. The firm has four offices in Asia.

"Avenue Capital has a long history of investing in Asia, having originally established a presence in the region in 1999," Marc Lasry, chairman, CEO and co-founder of Avenue Capital," said in a statement. "We are excited that Anil and Dan are joining Avenue to lead the Asia strategy and leverage and grow our existing Asia team and platform in the region."

As of August 2014, Avenue Capital's assets under management allocated to its Asia strategy were estimated to be approximately $1 billion. Founded in 1995 by Lasry and Sonia Gardner, the firm oversees around $14.1 billion in assets globally.

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• Topics
• Credit/Special Situations
• Fundraising
• People
• Asia
• PAG
• Fundraising
• Distress
• Special Situations
• Avenue Capital Group