||A major contributor to this article appears to have a close connection with its subject. (June 2015)|
|Born||1960/1961 (age 54–55)
|Residence||New York, New York, US|
New York Law School
|Occupation||Private equity investor, Hedge fund manager|
|Known for||Co-founder of Avenue Capital Group|
|Net worth||US $ 1.9 billion
Early life and education
Lasry was born in Marrakech to a family of Moroccan Jews. When he was seven years old, he and his family immigrated to the U.S. His father, Moise, was a computer programmer and his mother, Elise, was a schoolteacher. 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.
After graduating from law school, Lasry took a position in the bankruptcy branch of the law firm Angel & Frankel. Together with his sister Sonia Gardner, they founded Amroc Investments in 1989 and Avenue Capital Group in 1995. One year later Lasry became the director of the private debt department at the investment firm R. D. Smith, now Smith Vasillou Management. This is where Lasry first got involved in trade claims. He then took a position as Co-Director of the Bankruptcy and Corporate Reorganization Department at Cowen & Company. There Lasry recruited his sister Sonia Gardner, also an attorney, to assist in the company's trade claims department. Lasry left Cowen & Company and joined the Robert M. Bass Group, focused on distressed security investments.
In 1989, Lasry and his sister founded the firm Amroc Investments with $100 million in seed money from various investors. Amroc purchased both trade claims and bank debt held by vendors of bankrupt and/or distressed companies. In 1995, Lasry and Gardner invested $7 million of their own capital and founded the Avenue Capital Group, which initially focused on distressed debt and special situations primarily in the United States. The partners successfully expanded the firm's investment focus to Europe and Asia. The two went on to build their hedge fund, which had as much as $11 billion in assets under management.
In 2013, Lasry was considered for the position of U.S. ambassador to France, but declined consideration for business reasons. In 2014 Forbes listed Lasry as one of the 25 highest-earning hedge fund managers in 2013, with total earnings of $280 million.
In Oct 2015, while being interviewed on Bloomberg with David Westin and Stephanie Ruble, Marc Lasry said that the US economy is “doing great” compared to economies in the rest of the world. He said, "Having more stimulus isn’t what we need. You need to get back to a little more normality." He continued, "If I were an equity investor, I would be an investor in the U.S."
In 2004, Lasry and his wife contributed support to the University of Pennsylvania and co-chaired the Penn Parent Leadership Committee. In 2005 they donated $5 million to Clark University for the construction of the “Cathy '83 and Marc '81 Lasry Center for Bioscience”.
Lasry is married to Cathy Cohen and has five children. His son, Alexander, worked for White House Senior Adviser Valerie Jarrett. Lasry's daughter, Samantha, was a staffer for congressman Rahm Emanuel.
- Forbes: the World's Billionaires: Mark Lasry March 2014
- Wee, Gillian (Feb 15, 2012). "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets". Bloomberg. Retrieved 9 May 2013.
- Tablet Magazine: "The Next Owner of ‘Newsweek’ Will Be Jewish – A plea against one of the candidates" By Marc Tracy July 30, 2010
- Bloomberg: "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets" February 14, 2012
- Ahuja, Maneet. The alpha masters unlocking the genius of the world's top hedge funds. Hoboken, N.J.+: Wiley. p. 79. ISBN 1118167570.
- New York Law School alumni Bulletin: "Spotlight Luncheon: A Conversation with Marc Lasry '84" retrieved June 18, 2013
- Ahuja, Maneet. The alpha masters : unlocking the genius of the world's top hedge funds. Hoboken, N.J.: Wiley. pp. 79–81. ISBN 1118065522.
- Tausche, Kayla (26 April 2013). "Why Lasry Said 'Non Merci". Retrieved 18 June 2013.
- Vardi, Nathan (Feb 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes
- NBA owners approve sale of Bucks to Edens, Lasry
- Collins, Margaret. "Avenue's Lasry Says U.S. Doesn't Need More Fed Stimulus". Bloomberg. Retrieved 18 October 2015.
- Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 209. ISBN 978-1-47361-161-0.
- Kazan, Dan. "The Lasry Family Professorship in Race Relations". Left Justified.
- "Clark University names new biosciences center". Boston Business Journal. Retrieved 20 May 2013.
- Spector, Mike (March 27, 2010). "Avenue Capital's Investor in Chief". The Wall Street Journal. Retrieved March 28, 2010.
- MacIntosh, Jeane (April 27, 2013). "Flushed diplo pick tight with Bill & Bam". New York Post. Retrieved May 22, 2014.
- Schwartz, Nelson. "Hedge Fund Places Faith in Euro Zone". The New York Times.
- Wachtel, Katya (15 March 2013). "If fund manager Lasry gets ambassador nod, investors likely to stay". Reuters. Reuters. Retrieved 20 May 2013.
- A World Where Down Means Up. New York Times, August 19, 2005
- Bank Buys Into Fund. Reuters, October 31, 2006
- Avenue Capital’s Marc Lasry Is In Therapy Over Depressed Asset Prices. The Deal Sleuth
- Avenue Capital's Marc Lasry: Hedge Fund Shakeout Will Continue. Seeking Alpha, February 22, 2009
- Lasry Thinking Big For New Avenue Fund. HedgeFund.net, February 12, 2010