Avenue Capital Management, the asset management shop run by distressed veteran Marc Lasry, is targeting its second collateralized loan obligation. Bear Stearns, which arranged Avenue's $400 million debut deal last December, is leading the second CLO, a source said. The deal is one-third ramped. Avenue officials declined comment.
Richard D'Addario, formerly a senior portfolio manager and director of research at Franklin Advisers, landed at Avenue in New York last year to set up the CLO business. Since then the firm has hired two analysts--Ajay Nanda and Sriram Balakrishnan from HVB Credit Advisors and Indosuez Capital, respectively (LMW 6/18).