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Avenue Capital raising new ‘impact’ private credit fund – source

Marc Lasry, an American billionaire businessman and co-founder and chief executive officer of Avenue Capital Group speaks during a Reuters investment summit in New York City, U.S., November 4, 2019. REUTERS/Lucas Jackson/File Photo Acquire Licensing Rights

NEW YORK, Nov 20 (Reuters) – New York-based Avenue Capital Group plans early next year to launch a new fund to invest in so-called environmental impact private credit investments, according to a person familiar with the matter.

Avenue – with $12.5 billion under management and best known for its bets in distressed assets – has begun talks with investors to raise between $600 million and $800 million for the fund, the source said, requesting anonymity because fundraising discussions are private.

The fund would finance middle-market companies in sustainability sectors such as food, water, waste and clean energy.

For Avenue, co-founded by…

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