Forbes – Financial assets have become so cheap because of the credit crisis that now is a good time to scoop up bargains, the head of one of the world’s biggest hedge funds, Avenue Capital, said on Wednesday.

‘Now is a phenomenal time to buy, assuming you think we’re not in a depression,’ Marc Lasry, chairman and CEO of the company, said at the 2008 Clinton Global Initiative meeting in Hong Kong.

‘We’re looking at valuations we think are extremely low. Unless the unthinkable happens, you’ll be fine,’ he said, referring to the investment environment.

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New York (HedgeCo.Net) – New York-based Avenue Capital, the hedge fund that manages roughly $20 billion, is back after a lagging first quarter.  The company informed investors that the fund experienced gains in May for the second straight month.

The firm’s $1.5 billion Avenue International Ltd Fund was up over 1.5% in May, while the $1 billion Avenue Europe International Ltd Fund and the $574 million Avenue Investments LP Fund followed suit and also posted gains.

Hedge funds are optimistic after experiencing losses stemming from last years credit crunch and subprime fallout.  Improved performance in credit markets as of late are making the future look bright for hedge funds.

The Avenue Capital Group was founded in 1995 and is headed by famed manager Marc Lasry.  The funds specialize in a long/short strategy while focuses on distressed and undervalued debt and equity opportunities.  The company recently raised $6.1 billion for “special situations” trading strategies.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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