Marc Lasry

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Marc Lasry
Born 1960/1961 (age 53–54)[1]
Morocco
Residence New York, New York
Nationality American
Ethnicity Jewish
Education Clark University
New York Law School
Occupation Private equity investor, Hedge fund manager
Known for Co-founder of Avenue Capital Group
Net worth Increase US $ 1.7 billion
(March 2014)[1]
Spouse(s) Cathy Cohen
Children 5

Marc Lasry is a Moroccan-American billionaire hedge fund manager. He is the co-founder and chief executive officer of Avenue Capital Group and the co-owner of the NBA's Milwaukee Bucks.

Early life and education[edit]

Lasry was born in Marrakech to a family of Moroccan Jews.[2] At the age of seven, his family immigrated to the U.S.[3] His father was a computer programmer and his mother a schoolteacher.[4][5] Lasry grew up in West Hartford, Connecticut and received a B.A. in history from Clark University in 1981 and a J.D. from New York Law School in 1984. While in law school, he worked as a clerk for the Chief Bankruptcy Judge of the Southern District of New York, Edward Ryan.[6]

Career[edit]

Lasry took a position in the bankruptcy branch of the law firm Angel & Frankel.[6] A year later[6] he became the director of the private debt department at the investment firm R.D. Smith.[7] Unhappy with his $10,000 bonus for generating $25 million in revenues[6] he took a position as Co-Director of the Bankruptcy and Corporate reorganization Department at Cowen & Company.[7] At Cowen & Company, Lasry recruited his sister Sonia Gardner, also an attorney, to assist in the company's trade claims department.[7] Lasry left Cowen & Company and joined the Robert M. Bass Group to manage distressed security investments.

In 1989, Lasry and his sister founded the firm Amroc Investments with a $100 million in seed money from various investors. The company purchased both trade claims and bank debt held by vendors of bankrupt companies.[2] In 1995, Lasry and Gardner took $7 million of their own capital and founded the Avenue Capital Group hedge fund which managed up to $11 billion in assets.[4]

In 2013, Marc Lasry was offered the position of U.S. ambassador to France but declined for business reasons.[8] In 2014 Forbes listed Lasry as one of the 25 Highest-Earning hedge fund managers in 2013 with earnings of $280 million.[9] In April 2014, Lasry became co-owner of the NBA's Milwaukee Bucks after purchasing it from Herb Kohl for $550 million. [10]

Personal life[edit]

Lasry is married to Cathy Cohen and has five children.[4][6] His son, Alexander, worked for White House Senior Adviser Valerie Jarrett and his daughter, Samantha, was a staffer for congressman Rahm Emanuel.[11]

In 2004, Lasry and his wife contribute support to the University of Pennsylvania and co-chair the Penn Parent Leadership Committee.[12] In 2005 they donated $5 million to Clark University for the construction of the “Lasry Center for Bioscience”.[13]

Lasry served as a director of the 92nd Street Y and the Big Apple Circus and was a trustee of the Mount Sinai Medical Center. He is a prominent donor to Democratic Party causes.[14]

Lasry's hobbies include basketball, tennis[15] and comics.[16]

Notes[edit]

  1. ^ a b Forbes: the World's Billionaires: Mark Lasry March 2014
  2. ^ a b Wee, Gillian (Feb 15, 2012). "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets". Bloomberg. Retrieved 9 May 2013. 
  3. ^ Tablet Magazine: "The Next Owner of ‘Newsweek’ Will Be Jewish – A plea against one of the candidates" By Marc Tracy July 30, 2010
  4. ^ a b c Bloomberg: "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets" February 14, 2012
  5. ^ Ahuja, Maneet. The alpha masters unlocking the genius of the world's top hedge funds. Hoboken, N.J.+: Wiley. p. 79. ISBN 1118167570. 
  6. ^ a b c d e New York Law School alumni Bulletin: "Spotlight Luncheon: A Conversation with Marc Lasry '84" retrieved June 18, 2013
  7. ^ a b c Ahuja, Maneet. The alpha masters : unlocking the genius of the world's top hedge funds. Hoboken, N.J.: Wiley. pp. 79–81. ISBN 1118065522. 
  8. ^ Tausche, Kayla (26 April 2013). "Why Lasry Said 'Non Merci". Retrieved 18 June 2013. 
  9. ^ Vardi, Nathan (Feb 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes 
  10. ^ NBA owners approve sale of Bucks to Edens, Lasry
  11. ^ MacIntosh, Jeane (April 27, 2013). "Flushed diplo pick tight with Bill & Bam". New York Post. Retrieved May 22, 2014. 
  12. ^ Kazan, Dan. "The Lasry Family Professorship in Race Relations". Left Justified. 
  13. ^ "Clark University names new biosciences center". Boston Business Journal. Retrieved 20 May 2013. 
  14. ^ Spector, Mike (March 27, 2010). "Avenue Capital's Investor in Chief". The Wall Street Journal. Retrieved March 28, 2010. 
  15. ^ Schwartz, Nelson. "Hedge Fund Places Faith in Euro Zone". The New York Times. 
  16. ^ Wachtel, Katya (15 March 2013). "If fund manager Lasry gets ambassador nod, investors likely to stay". Reuters. Reuters. Retrieved 20 May 2013. 

References[edit]