Avenue Capital Group: Pegasus Joining Forces with Avenue to Manage and Develop Avenue's Private Debt and Equity Investment Strategy.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 9, 2004 Avenue Capital Group ("Avenue") and Pegasus Pegasus, in astronomy Pegasus (pĕg`əsəs), in astronomy, northern constellation lying SW of Andromeda and SE of Cygnus. It is named for the mythological winged horse Pegasus. Capital Advisors ("Pegasus") are joining forces to manage and develop Avenue's private debt and equity investment strategy. Avenue will now be in a position to acquire and make direct investments in companies facing complex financial or operational issues which are unable to access more traditional sources of capital. "Avenue has made joint investments with Pegasus over the past several years, and through that process I grew to know the Pegasus team and their investment philosophy extremely well. Pegasus adds a dimension to Avenue which I believe is extremely important - a private equity practice," said Marc Lasry Marc Lasry is one of the pioneers of the distressed securities market, which has been the exclusive focus of his professional career.[1] Marc Lasry is the Founder and Managing Partner of Avenue Capital Group; a fund focusing on special situations with assets totaling , co-founder of Avenue. "As the distressed business continues to evolve, the private transaction side of the business is something we are eager to pursue. I expect this to be a seamless transition and for the Pegasus team to hit the ground running," said Lasry. "Our immediate goal is to continue to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. and execute on privately-negotiated special situation investments. Over the past few years we have continued to recognize the tremendous synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. between our two firms. Avenue has a large investment team focused on companies and sectors similar to those that we target. We will continue to execute what has been a successful investment strategy and bring our investors a stronger product offering with a significant increase in available resources," said Craig Cogut, founder of Pegasus. "This is a unique opportunity for me and my partners, Rodney Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. and Jonathan Berger, our firm, and our investors," said Cogut. Avenue, founded in 1995, currently has approximately $5.0 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Pegasus, founded in 1996, currently has approximately $800MM of assets under management. |
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