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Marc Lasry Net Worth, Biography & Wiki 2017
Marc Lasry was born in 1960 in the city of Marrakesh in the Kingdom of Morocco. He has largely amassed his large fortune from his illustrious career as a hedge fund manager. He co-founded and is the CEO of Avenue Capital Group, as well as the current co-owner of the Milwaukee Bucks, a professional basketball team in the NBA.
Have you ever wondered how rich Marc Lasry is as of late 2016? According to authoritative sources, Lasry’s net worth has been estimated to be over $1.65 billion, earned by being good at his job as a hedge fund manager.
Marc Lasry Net Worth $1.64 Billion
Although a citizen of the United States, Lasry was actually born in Morocco to a family of Moroccan Jews. When he turned seven, the family decided to immigrate to the US, and moved to Hartford, Connecticut, where he subsequently spent the rest of his childhood. In 1977 he left home to attend college at Clark University in Worcester, Massachusetts, graduating with a BA degree in history, then went on to get his J.D. at New York Law School in 1984. During his time as a college student he gained some experience for his future career by working as a clerk for the Chief Bankruptcy Judge of the Southern District of New York, Edward Ryan.
After finishing school, Lasry was hired by the law firm Angel & Frankel, where he worked in the bankruptcy division. A year after that, the investment firm R.D. Smith hired Lasry as the Director of Private Debts, and it was here that Lasry became interested in trade claims. After that he went on to work for Cowen & Company, where he was the Co-Director of the Bankruptcy and Corporate Reorganization Department, hiring his sister, Sonia Gardner, to assist him in trade claims. Eventually he left Cowen & Company and went to work for the Robert M. Bass Group, where he specialized in distressed security investments. His net worth was rising steadily.
Having spent five years out of college working for other companies, in 1989 Lasry decided it was time to have his own company, so that year along with his sister, Lasry founded Amroc Investments, made possible with $100 million in seed money from a variety of investors.
Lasry used the company to buy trade claims and bank debt, and finding success with Amroc Investments, the siblings decided to found Avenue Capital Group, doing so in 1995 with $7 million from Amroc Investments, and which would focus on distressed debt and other special situations. Although it was originally a United States oriented company, it went on to cover markets in Europe and Asia, and Avenue Capital Group now manages over $11 billion in assets.
Having found such huge success in the hedge fund industry, Lasry was catapulted to stardom, even once being considered for appointment as the US ambassador to France in 2013, which he ultimately declined due to business reasons. A year after that, Lasry decided to expand out of the hedge fund business, and purchased the Milwaukee Bucks basketball team for $550 million, which also potentially increases his net worth.
Regarding his personal life, Marc is married to Catty Cohen, with whom he has five children; one of his children, Alexander worked for Valerie Jarret, who was a White House senior adviser.
Having amassed such a large fortune, Lasry eventually turned to philanthropy. He has donated millions to various colleges, including the University of Pennsylvania and Clark University. He is also a major donor to the Democratic Party