Avenue Capital Group has poached two executives from the Pacific Alliance Group – – Anil Gorthy and Dan Galanter – to oversee its Asia business.
The duo will lead its ‘Asia Strategy’ which focuses on investments in distressed and undervalued debt of companies throughout this continent, in addition to special situations investments, performing and restructured debt, alternative financing, and non-performing loans, the company said.
Gorthy and Galanter will formally start with Avenue Capital’s Asia Strategy at the end of December.
Mark Harris will continue with the Asia Strategy as a Portfolio Manager, the company said, while adding that assets under management allocated to the Avenue Asia Strategy were estimated to be approximately a billion dollars.
“Avenue Capital has a long history of investing in Asia, having originally established a presence in the region in 1999,” said Marc Lasry, the Chairman, CEO and Co-Founder of Avenue Capital Group. “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. There are significant opportunities for our strategy in Asia, and we intend to raise a new Avenue Asia Fund over the coming year,” its statement added.
As of August 31, 2014, Avenue Capital Group oversees approximately $14.1 billion of assets, on behalf of a sophisticated global base of institutional investors.