MARC LASRY
Buying distressed debt at 30 cents and collecting at 100 — and co-owning the Milwaukee Bucks alongside Giannis
Marc Lasry built Avenue Capital into one of the premier distressed debt firms in the world — buying broken companies' debt at 20-40 cents and making money when they restructure. He also bought the Milwaukee Bucks for $550 million in 2014 and sold his stake for $3.5 billion in 2023. Being right about Giannis before the rest of the NBA was not in the investment memo, but it was the best trade of his career.
Net Worth
$1.8B
Nationality
American
Time Horizon
Medium-Term
Risk Appetite
6 / 10
Net Worth Context
- · Still a billionaire — just the quiet kind at the end of the table.
CAREER & BACKGROUND
Marc Lasry co-founded Avenue Capital Group in 1995 with his sister Sonia Gardner. Avenue Capital specializes in distressed debt investing — buying the bonds and loans of companies in financial trouble, often at 20–40 cents on the dollar, and making money when those companies restructure and the debt recovers to par.
It is one of the most technically demanding investment strategies in finance: you need to understand bankruptcy law, credit analysis, restructuring economics, and psychological resilience simultaneously. Avenue Capital has managed over $10 billion in assets.
Lasry also co-owned the Milwaukee Bucks NBA franchise from 2014 to 2023, buying at $550M and selling for $3.5 billion — a 6x return in 9 years. He sold his Bucks stake in 2023 to focus on Avenue Capital.
COMPANIES & ROLES
Avenue Capital Group — Co-founder & CEO (1995–present). Milwaukee Bucks — Co-owner (2014–2023, sold for $3.5B).
Various distressed credit investments across US and Europe
INVESTING STYLE & PHILOSOPHY
Distressed debt. Buy troubled companies' debt at discounts, analyze the restructuring path, estimate recovery value, and profit when the restructuring delivers more than you paid.
The key skill is legal and analytical complexity — most investors cannot or will not do the work required.
THE PLAYBOOK
Risk Approach
6
Money Habits
Works in a less glamorous corner of finance — distressed debt is not on CNBC daily. Known for political fundraising — major Democratic donor.
Has maintained relationships across both Wall Street and Washington. Previously attempted to become US Ambassador to France.
BIGGEST WIN
The Milwaukee Bucks. Bought for $550 million in 2014 — already considered expensive at the time.
Sold the stake in 2023 for $3.5 billion. That is a 6x return in 9 years, driven by NBA revenue growth, Giannis, and the championship.
Best sports investment return of his generation.
BIGGEST MISTAKE
Avenue Capital had a rough period during the 2008 financial crisis — distressed debt funds that bought too early into the crisis took significant losses before assets recovered. Timing matters even in a strategy built on buying cheap.
FINANCIAL PHILOSOPHY
When everyone else is panicking, the price reflects the fear, not the reality. Distressed assets are priced for bankruptcy.
But most companies do not go bankrupt — they restructure. That gap between the fear price and the recovery value is where the money is.
FAMILY & PERSONAL LIFE
Married to Cathy Lasry. Three children.
EDUCATION
Bachelor's degree, Clark University. JD, New York Law School.
BOOKS & RESOURCES
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QUOTES (5)
Liquidity is overrated in good times and underrated in bad ones. That cycle is what keeps pricing inefficient in credit markets — and that inefficiency is our business.
Everyone sees the distress. Very few take the time to understand whether the distress is terminal or temporary. That gap is where we make money.
Bankruptcy is not death. It is a legal process. Most people confuse the two — and that confusion is the opportunity.
The best investment I ever made was the Milwaukee Bucks. Not because of the returns — though they were exceptional — but because it taught me that great assets are great assets, whether the collateral is debt or equity.
In distressed investing, doing the work is the moat. Most investors will not read a 400-page bankruptcy filing. We will. That is the entire competitive advantage.
NETFIGO SCORE
Proprietary 5-dimension investor rating
Risk Appetite
Contrarian Index
Track Record
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Bruce Richards
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Giannis Antetokounmpo
Co-owned the Milwaukee Bucks from 2014 to 2023 alongside Giannis
Jason Mudrick
A distressed-debt pioneer working the same broken-company market as Mudrick.
Josh Friedman
A fellow distressed-debt pioneer running a large credit-focused firm.
Sonia Gardner
Gardner's brother and co-founder at Avenue Capital, where he leads the big distressed theses.
Victor Khosla
A distressed-debt pioneer working the same market of broken companies and their debt.
Head-to-Head
Compare Marc Lasry vs another investor.