Avenue Asia Capital Management's AUM grew 44% to $1.3B, from Recent Form ADV Filing
Founded in 1995, Avenue Capital Group is a global alternative investment firm with offices in North America, Europe, Asia, and Australia. The firm offers advisory services to various entities including private funds, separate accounts, and registered investment companies.
Its branches - Avenue U.S., Avenue Europe, and Avenue Asia - manage investments in a range of areas, such as distressed debt, equity opportunities, high-yield investments, performing loans, and venture debt, among others.
The latest Form ADV filing from March 2022 to April 2023 reveals some key changes within Avenue Asia Capital Management.
The firm's total AUM rose from $950.7 million to $1.37 billion. There's also been an increase in the total accounts managed by the firm, moving from 9 to 11. The workforce has expanded from 176 to 186 members.
Several modifications were disclosed for the firm's private funds:
The Avenue Asia Special Situations Fund V, L.P
- The Gross Asset Value fell from $432.4M to $301.5M.
- The number of beneficial owners increased from 77 to 79.
- The percentage beneficially owned by non-U.S. persons dropped from 9% to 3%.
- The percentage of clients invested in the fund decreased from 11% to 9%.
- Additionally, Goldman Sachs & Co. LLC was removed as a custodian and prime broker in April 2023.
Avenue Asia Special Situations Fund VI, L.P.
- Gross Asset Value: New: $600.2M | Old: $450.4M
- Number of beneficial owners: New: 27 | Old: 26
- Percentage beneficially owned by non-U.S. persons: New: 31% | Old: 36%
- Percentage of clients invested: New: 9% | Old:1%
- Added Custodian: Morgan Stanley & Co. International PLC (2023-04-25)
Avenue Asia Participation Plan II, LLC
- Gross Asset Value: New: $18.7M | Old: $17.9M
- Number of beneficial owners: New: 16 | Old: 12
Avenue Asia Ark Co-Investment SCSP
- Gross Asset Value: New - $85.7M, Old - $50.1M
- Number of beneficial owners: New - 3, Old - 2
- Percentage of clients invested: New - 9%, Old - 11%
- Added Custodian: Standard Chartered Finance Private Limited (2023-04-25)
Private Funds Removed:
2 private funds were removed on March 31, 2022.
Avenue Asia Employee Participation Plan, LLC:
- This Delaware-based fund in the U.S. had a gross asset value of $11.6 million and was managed by GL Avenue Employee Management, LLC. The custodian, Citibank, N.A., was added on May 21, 2018.
Avenue Asia Ark Co-Investment, L.P.:
- Located in the Cayman Islands, this fund had a gross asset value of $50.1 million. Its management was under Avenue Asia Capital Partners VI, LLC. Citco Fund Services (Cayman Islands) Limited was introduced as the administrator and PricewaterhouseCoopers LLP as the auditor on August 20, 2021.
Private Funds Added:
Avenue Asia Credit Opportunities Fund SCSP:
- It was added on August 22, 2022. This Luxembourg-based fund currently has a gross asset value of $212.2 million and is managed by Avenue Asia Credit Opportunities GenPar, SARL.
- Custodians including Citigroup Global Markets Inc., Citibank, N.A., The Bank of New York Mellon Corporation, Goldman Sachs International, and Morgan Stanley & Co. International PLC were added between August 22, 2022, and April 25, 2023.
- PricewaterhouseCoopers LLP was appointed as the auditor and Citigroup Global Markets Inc. as the prime broker on August 22, 2022.
Avenue Asia Imiloa Capital, L.P.:
- It was added on November 22, 2022. This Delaware-based fund in the U.S. currently has a gross asset value of $151.2 million. Avenue Asia Imiloa Capital Partners, LLC oversees its management.
- Citigroup Global Markets Inc. and Citibank, N.A., were included as custodians on November 22, 2022. The auditor, PricewaterhouseCoopers LLP, the prime broker, Citigroup Global Markets Inc., and the marketer, Probitas Funds Group, LLC, were also added on the same date.