IFCÆs Avenue to Asian bank distressed plays
The private-sector arm of the World Bank seeds another fund to acquire and resolve Asian banksÆ distressed assets.
The International Finance Corporation, the private-sector arm of the World Bank Group, will invest $50 million in the Avenue Asia Special Situations Fund IV, which is dedicated to the disposal or restructuring of non-performing assets. It will do so by focusing on individual assets and asset pools.
New York-based Avenue Capital Group, founded by Mark Lasry and Sonia Gardner, manages $12 billion of assets and has eight offices throughout Asia.
The fund will invest mainly in China and India,...
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