http://blogs.wsj.com/privateequity/2013/07/31/til-debt-do-us-part-distressed-shops-seeking-ways-to-commit/?mod=WSJBlog
With ample capital on hand, many distressed debt fund managers now face a bigger challenge of finding effective ways to invest. "You don't have these massive defaults out there right now," said Marc Lasry, chief executive and co-founder of Avenue Capital Group. "The opportunity set is idiosyncratic. You're not having as many industry-wide situations, [but] instead mostly company-specific situations." Institutional investors have showered distressed debt and turnaround funds with capital this year. U.S. distressed debt and restructuring funds attracted $17 billion in the first half of the year, the largest sum for a half-year period since the second half of 2008, when such funds raised $28.3 billion, according to data from Dow Jones’ LP Source. European managers also recorded their biggest half year since the first six months of 2009, with a total of $3.5 billion raised, according to the data.
via Private Equity Beat http://blogs.wsj.com/privateequity
