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{{Short description|American hedge fund manager}}
{{Other people|Lasry|Lasry}}
{{Use mdy dates|date=April 2013}}
{{Use mdy dates|date=April 2017}}
{{Infobox person
{{Infobox person
| name = Marc Lasry
| name = Marc Lasry
| image =
| image =
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| alt =
| caption =
| caption =
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| alt =
| birth_date = {{birth based on age as of date|52|2012|9|30}}<ref name="Forbes Billionaires 2012">
| birth_date = {{birth date and age|1959|09|23}}<ref>{{cite web|url=http://gawker.com/501998/happy-birthday|title=Happy Birthday|last=cityfile|website=gawker.com|access-date=April 10, 2018}}</ref>
{{cite web
| birth_place = [[Marrakesh]], Morocco
|title= The World's Billionaires: #960 Marc Lasry
⚫
| nationality = Moroccan, American
|url= http://www.forbes.com/profile/marc-lasry/
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| education = [[Clark University]] ([[Bachelor of Arts|BA]])<br/>[[New York Law School]] ([[Juris Doctor|JD]])
|work= [[Forbes]]
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| occupation = [[Private equity|Private equity investor]]<br>[[Hedge fund|Hedge fund manager]]
|date= September 2012}}</ref>
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| known_for = Co-founder of [[Avenue Capital Group]], and co-owner of the [[Milwaukee Bucks]]
| birth_place = [[Morocco]] (raised in [[West Hartford, Connecticut]])
| residence = [[New York, New York]]
⚫
| nationality = American
| ethnicity = [[Morrocan Jews|Moroccan Jewish]]
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| education = [[Clark University]]<br/>[[New York Law School]]
⚫
| occupation = [[Private equity|Private equity investor]], [[Hedge fund|Hedge fund manager]]
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| known_for = Co-founder of [[Avenue Capital Group]]
| networth = {{increase}} [[United States dollar|US $]] 1.4 [[1,000,000,000 (number)|billion]]<br/>(March 2013)<ref name=ForbesBillionaires2013>[http://www.forbes.com/profile/marc-lasry/ Forbes: the World's Billionaires: Mark Lasry] March 2013</ref>
| spouse = Cathy Cohen
| spouse = Cathy Cohen
| children = 5
| children = 5, including [[Alex Lasry|Alex]]
| website =
| website =
| family = [[Sonia Gardner]] (sister)
}}
}}


'''Marc Lasry''' is an American billionaire [[hedge fund]] manager and co-founder and [[chief executive officer]] of hedge fund [[Avenue Capital Group]].
'''Marc Lasry''' (born September 23, 1959) is a Moroccan American [[billionaire]] businessman and private equity manager. He is the co-founder and chief executive officer (CEO) of [[Avenue Capital Group]]. He was a co-owner of the [[NBA]]'s [[Milwaukee Bucks]] basketball team from 2014 to 2023.


==Early life and education==
==Early life and education==
Lasry was born in [[Marrakech]], [[Morocco]] to a [[Moroccan Jews|Moroccan-Jewish family]].<ref name="Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets">{{cite web|last=Wee|first=Gillian|url=http://www.bloomberg.com/news/2012-02-15/lasry-sees-europe-bankruptcy-bonanza-as-bad-debts-obscure-assets.html|publisher=Bloomberg|accessdate=9 May 2013|date=Feb 15, 2012|title=Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets }}</ref> When he was seven, his family immigrated to the U.S.<ref name=TabletJewish>[http://www.tabletmag.com/scroll/41134/the-next-owner-of-%e2%80%98newsweek%e2%80%99-will-be-jewish Tablet Magazine: "The Next Owner of ‘Newsweek’ Will Be Jewish – A plea against one of the candidates" By Marc Tracy] July 30, 2010</ref> His father, Moise, was a computer programmer and his mother, Elise, was a schoolteacher.<ref name=Bloomberg>[http://www.bloomberg.com/news/2012-02-15/lasry-sees-europe-bankruptcy-bonanza-as-bad-debts-obscure-assets.html Bloomberg: "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets"] February 14, 2012</ref> At night, his parents worked a second job selling Moroccan clothing to boutique stores.<ref name="The alpha masters unlocking the genius of the world's top hedge funds">{{cite book|last=Ahuja|first=Maneet|title=The alpha masters unlocking the genius of the world's top hedge funds|publisher=Wiley|location=Hoboken, N.J.+|isbn=1118167570|page=79|url=http://books.google.com/books?id=gA8jbrLW7L8C&pg=PA79&lpg=PA79&dq=marc+lasry+moroccan+clothes+alpha+masters&source=bl&ots=CPkXbRg6eM&sig=XqYr2v1h5F7__4QrS-_pNbOAc5E&hl=en&sa=X&ei=TY-LUernIYeP4gT19YC4Bg&redir_esc=y#v=onepage&q=marc%20lasry%20moroccan%20clothes%20alpha%20masters&f=false}}</ref> Lasry grew up in [[West Hartford]], [[Connecticut]] and received a B.A. in history from [[Clark University]] in 1981 and a [[Juris Doctor|J.D.]] from [[New York Law School]] in 1984. His sister is [[Sonia Gardner]] with whom was founded Amroc Investments and Avenue Capital Group in 1989 and 1995, respectively.<ref name="Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets" />
Lasry was born in to a [[History of Moroccan Jews|Jewish family]] in [[Marrakesh]], Morocco.<ref name="https://www.portailsudmaroc.com/actualite/8369/www.essaouiranuitsphotographiques.com">{{cite web|last=Wee|first=Gillian|url=https://www.bloomberg.com/news/2012-02-15/lasry-sees-europe-bankruptcy-bonanza-as-bad-debts-obscure-assets.html|publisher=Bloomberg|access-date=May 9, 2013|date=Feb 15, 2012|title=Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets }}</ref> When he was seven years old, he and his family immigrated to the U.S, right before the outbreak of the [[Six Day War]] in 1967.<ref name="WJC">{{cite news |last1=Cohen |first1=Leon |title=New Bucks owner has distinctive Jewish story |url=https://www.jewishchronicle.org/2014/10/31/new-bucks-owner-has-distinctive-jewish-story/ |access-date=8 April 2024 |work=Wisconsin Jewish Chronicle |date=2014-10-31}}</ref><ref name=TabletJewish>[http://www.tabletmag.com/scroll/41134/the-next-owner-of-%e2%80%98newsweek%e2%80%99-will-be-jewish Tablet Magazine: "The Next Owner of ‘Newsweek’ Will Be Jewish – A plea against one of the candidates" By Marc Tracy] July 30, 2010</ref> His father, Moise, was a computer programmer and his mother, Elise, was a schoolteacher.<ref name=Bloomberg>[https://www.bloomberg.com/news/2012-02-15/lasry-sees-europe-bankruptcy-bonanza-as-bad-debts-obscure-assets.html Bloomberg: "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets"] February 14, 2012</ref><ref name="The alpha masters unlocking the genius of the world's top hedge funds">{{cite book|last=Ahuja|first=Maneet|title=The alpha masters unlocking the genius of the world's top hedge funds|date=May 3, 2012|publisher=Wiley|location=Hoboken, N.J.+|isbn=978-1118167571|page=79|url=https://books.google.com/books?id=gA8jbrLW7L8C&q=marc+lasry+moroccan+clothes+alpha+masters&pg=PA79}}</ref> Lasry grew up in [[West Hartford]], [[Connecticut]], and received a B.A. in history from [[Clark University]] in 1981 and a [[Juris Doctor|J.D.]] from [[New York Law School]] in 1984. While in law school, he worked as a clerk for the Chief Bankruptcy Judge of the Southern District of New York, Edward Ryan.<ref name=NYLSAlumni>[http://alumni.nyls.edu/Page.aspx?pid=525 New York Law School alumni Bulletin: "Spotlight Luncheon: A Conversation with Marc Lasry '84"] retrieved June 18, 2013</ref>


==Career==
==Career==
While in law school, Lasry worked as a clerk for the then Chief Bankruptcy Judge of the Southern District of New York Edward Ryan.<ref name=NYLSAlumni>[http://alumni.nyls.edu/Page.aspx?pid=525 New York Law School alumni Bulletin: "Spotlight Luncheon: A Conversation with Marc Lasry '84"] retrieved June 18, 2013</ref> After law school he worked as an attorney specializing in bankruptcy at the law firm Angel & Frankel.<ref name=NYLSAlumni /> After one year,<ref name=NYLSAlumni /> Lasry accepted a job as the director of the private debt department at the investment firm R.D. Smith (now Smith Vasillou Management). It was there he first got involved in [[Trade credit|trade claims]].<ref name=AlphaMasters>{{cite book|last=Ahuja|first=Maneet|title=The alpha masters : unlocking the genius of the world's top hedge funds|publisher=Wiley|location=Hoboken, N.J.|isbn=1118065522|pages=79–81|url=http://books.google.com/books?id=7j8F3oB3vH4C&printsec=frontcover&dq=isbn:1118065522&hl=en&sa=X&ei=bY-QUcCNA8SVO7LfgcAO&redir_esc=y#v=onepage&q&f=false}}</ref> After earning $25 million for the firm in his first year and only receiving a $10,000 bonus,<ref name=NYLSAlumni /> he left R.D. Smith and accepted a position as Co-Director of the Bankruptcy and Corporate reorganization Department at Cowen & Company.<ref name=AlphaMasters /> At Cowen & Company, Lasry recruited his sister [[Sonia Gardner]], also an attorney, to join the firm to assist in the trade claims department.<ref name=AlphaMasters /> Lasry left Cowen & Company and joined the Robert M. Bass Group after he was approached by [[Robert Bass]] to manage a pool of capital focused on [[Distressed securities|distressed investments]].
After graduating from law school, Lasry took a position in the bankruptcy branch of the law firm Angel & Frankel.<ref name=NYLSAlumni /> Together with his sister [[Sonia Gardner]], an attorney, they founded Amroc Investments in 1989 and Avenue Capital Group in 1995. One year later<ref name=NYLSAlumni /> Lasry became the Director of the Private Debt Department at the investment firm [[R. D. Smith]], now Smith Vasillou Management.<ref name=AlphaMasters>{{cite book|last=Ahuja|first=Maneet|title=The alpha masters : unlocking the genius of the world's top hedge funds|date=May 29, 2012|publisher=Wiley|location=Hoboken, N.J.|isbn=978-1118065525|pages=79–81|url=https://books.google.com/books?id=7j8F3oB3vH4C}}</ref> This is where Lasry first got involved in trade claims. He then took a position as co-director of the Bankruptcy and Corporate Reorganization Department at [[Cowen & Co]]mpany.<ref name=AlphaMasters /> There Lasry recruited his sister Sonia to assist in the company's trade claims department.<ref name=AlphaMasters /> Lasry left Cowen & Company and joined the Robert M. Bass Group, focused on [[Distressed securities|distressed security]] investments.


In 1989, Lasry and his sister [[Sonia Gardner]] founded the distressed debt investment firm Amroc Investments with a $100 million in seed money from various investors. Amroc purchased both trade claims and bank debt held by vendors and suppliers to bankrupt and/or distressed companies. In 1995, Lasry and Gardner struck out on their own with $7 million of capital to found [[Avenue Capital Group]], which initially focused on distressed debt and special situations primarily in the United States. Lasry and Gardner successfully expanded the firm’s investment focus to Europe and Asia and the siblings went on to build the hedge fund to over $11 billion in assets.<ref name=Bloomberg />
In 1989, Lasry and his sister founded the firm Amroc Investments with $100 million in seed money from various investors. Amroc purchased both trade claims and bank debt held by vendors of bankrupt and/or distressed companies.<ref name="https://www.portailsudmaroc.com/actualite/8369/www.essaouiranuitsphotographiques.com" /> In 1995, Lasry and Gardner invested $7 million of their own capital and founded the [[Avenue Capital Group]], which initially focused on distressed debt and special situations primarily in the United States, including getting involved in [[Puerto Rican government-debt crisis]].<ref>{{Citation |url= https://www.thenation.com/article/archive/is-an-obama-donor-tying-the-presidents-hands-on-puerto-ricos-debt-crisis/ |title=Is an Obama Donor Tying the President's Hands on Puerto Rico's Debt Crisis? |date=August 19, 2015 |magazine=[[The Nation]] |last=Morales |first=Ed }}</ref> The partners successfully expanded the firm's investment focus to Europe and Asia. The two went on to build their hedge fund, which had as much as $11 billion in assets under management.<ref name=Bloomberg />


In 2010, Lasry also took control of [[Donald Trump|Trump]] Entertainment Resorts as it went through its third bankruptcy. In October 2011, Lasry and [[Donald Trump]] announced plans to set up an online gambling venture if and when the United States legalizes such betting.<ref>{{Citation |url= https://www.washingtonpost.com/marc-landry-of-avenue-capital-sees-opportunity-in-europes-distressed-assets/2012/02/20/gIQAdXJdaR_story.html |title=Marc Lasry of Avenue Capital sees opportunity in Europe's distressed assets |date=February 25, 2012 |magazine=[[Washington Post]] |last=Wee |first=Gillian }}</ref> On January 12, 2013 when the reorganization of [[Trump Entertainment Resorts|Trump Entertainment]] had made marked progress, Lasry resigned as the casino company's chairman of the board.<ref>{{Citation |url= https://www.hotel-online.com/News/PR2013_1st/Jan13_TrumpBoard.html |title=Trump Entertainment Chairman, Marc Lasry, Resigns from Board |date=January 12, 2013 }}</ref>
In 2013, Marc Lasry was being considered by Washington to be the next U.S. ambassador to France. However, such a move would have required him to divest his majority stake in Avenue and potentially sell all of his firm’s positions in France. As such, he decided to withdraw from consideration.<ref>{{cite web|last=Tausche|first=Kayla|title=Why Lasry Said 'Non Merci|url=http://video.cnbc.com/gallery/?video=3000164507|accessdate=18 June 2013|date=26 April 2013}}</ref>


In 2013, Lasry was considered for the position of U.S. ambassador to France, but declined consideration for business reasons.<ref>{{cite web|last=Tausche|first=Kayla|title=Why Lasry Said 'Non Merci|url=http://video.cnbc.com/gallery/?video=3000164507|access-date=June 18, 2013|date=April 26, 2013}}</ref> In 2014 Forbes listed Lasry as one of the 25 highest-earning hedge fund managers in 2013, with total earnings of $280 million.<ref>{{Citation |url= https://www.forbes.com/sites/nathanvardi/2014/02/26/the-highest-earning-hedge-fund-managers-and-traders/|title=The 25 Highest-Earning Hedge Fund Managers And Traders |date=February 26, 2014 |magazine=[[Forbes]] |last=Vardi |first=Nathan }}</ref>
==Philanthropy and political contributions==
In 2004, Lasry and his wife created a chair at the University of Pennsylvania to support a scholar and teacher in the School of Arts and Sciences. The couple also co-chairs the Penn Parent Leadership Committee, while Cathy sits on the School of Arts and Sciences Board of Overseers as well.<ref>{{cite web|last=Kazan|first=Dan|title=The Lasry Family Professorship in Race Relations|url=http://www.leftjustified.com/marc-lasry|publisher=Left Justified}}</ref>
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In 2005, Lasry and his wife donated $5 million to Clark University to build a new science center. University President John Bassett named the new science center the “Lasry Center for Bioscience”.<ref name="Clark University names new biosciences center">{{cite web|title=Clark University names new biosciences center|url=http://www.bizjournals.com/boston/stories/2005/01/24/daily11.html?page=all|publisher=Boston Business Journal|accessdate=20 May 2013}}</ref>


In April 2014, Lasry became co-owner of the [[NBA]]'s [[Milwaukee Bucks]] after purchasing the team from [[Herb Kohl]] for $550 million with [[Wes Edens]].<ref>{{cite web|url=http://www.nba.com/2014/news/05/15/milwaukee-bucks-sale-news-release/index.html|title=NBA owners approve sale of Bucks to Edens, Lasry|website=nba.com|access-date=April 10, 2018}}</ref> Following the 2016 U.S. election, Lasry and the Milwaukee Bucks became one of three NBA teams to openly state they would not be staying at Trump branded hotels when on the road.<ref>{{cite web|last=Kwesi |first=Marcus |url=http://nesn.com/2016/11/why-mavericks-bucks-grizzlies-stop-visiting-donald-trump-hotels-is-a-sign-of-times/ |title=Why Some NBA Teams Reportedly Won't Stay At Donald Trump-Branded Hotels |publisher=NESN.com |date=November 16, 2016 |access-date=April 22, 2017}}</ref>
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Lasry has served as a director of the [[92nd Street Y]] and the [[Big Apple Circus]] and as a trustee of the [[Mount Sinai Medical Center]]. Lasry is a prominent donor to [[Democratic Party (United States)|Democratic Party]] causes.<ref name="WSJ">{{cite web|url=http://online.wsj.com/article/SB10001424052748703416204575145924237322674.html?mod=WSJ_Markets_section_Deals|title=Avenue Capital's Investor in Chief|last=Spector|first=Mike|date=March 27, 2010|publisher=The Wall Street Journal|accessdate=March 28, 2010}}</ref>

In 2021, Lasry stepped down as the chair of [[Ozy Media]].<ref>{{Cite web|url=https://www.businessinsider.com/marc-lasry-is-no-longer-chair-of-ozy-following-impersonation-scandal-involving-goldman-sachs-2021-9|title = Marc Lasry has stepped down as chair of OZY, the media company at the center of an impersonation scandal involving YouTube and Goldman Sachs|website = [[Business Insider]]}}</ref><ref>{{Cite web|url=https://apnews.com/article/sports-business-media-1412d8d17e9db9efa2b6e278cd9a9436|title=Marc Lasry, chairman of embattled media org Ozy, resigns|website=[[Associated Press]]|date=September 30, 2021}}</ref> He also touted about investing in [[China]], saying "Now is a great time to be investing in China"<ref>{{Cite web|url=https://www.forbes.com/sites/russellflannery/2021/05/16/now-is-a-great-time-to-be-investing-in-china-avenue-capital-group-ceo-mark-lasry/?sh=7c9c4bdc1111 |title='Now Is A Great Time To Be Investing In China': Avenue Capital Group CEO Marc Lasry|website=[[Forbes]]|date=May 16, 2021}}</ref>

Lasry is the largest shareholder of [[Amplify Energy]], an energy company responsible for an [[2021 Orange County oil spill|October 2021 oil spill]] in Orange County, California. Amplify was charged by a federal grand jury in December 2021 for criminal negligence in connection with their role in the oil spill. The 25,000-gallon oil spill was “in a quantity that may be harmful to the public health, welfare and environment of the United States,”<ref>{{Cite web |date=2021-12-16 |title=Amplify Energy and subsidiaries charged with negligence in Orange County oil spill |url=https://www.latimes.com/california/story/2021-12-15/orange-county-oil-spill-companies-charged |access-date=2022-06-02 |website=Los Angeles Times |language=en-US}}</ref><ref>{{Cite web |last=Lahiri |first=Tripti |title=Hedge fund investor Marc Lasry's tough week just got a lot worse |url=https://qz.com/2068647/who-invests-in-amplify-which-caused-huntington-beach-oil-spill/ |access-date=2022-06-02 |website=Quartz |date=October 4, 2021 |language=en}}</ref>

In 2023, Lasry entered an agreement to sell his 25% stake of the Bucks to [[Dee Haslam|Dee]] and [[Jimmy Haslam|Jimmy]] Haslam.<ref>{{cite web |date=February 27, 2023 |title=Sources: Bucks worth $3.5B as Haslams buy in |url=https://www.espn.com/nba/story/_/id/35746705/sources-marc-lasry-agrees-sell-bucks-haslams-35b}}</ref><ref>{{cite web|url=https://theathletic.com/4256074/2023/02/27/marc-lasry-sell-stake-jimmy-haslam-bucks/|title=Bucks co-owner Marc Lasry agrees to sell his team stake to Browns owner Jimmy Haslam: Sources|work=The Athletic|date=February 27, 2023}}</ref> The NBA Board of Governors approved the sale on April 14, 2023.<ref>{{Cite web |last1=Charania |first1=Shams |last2=Nehm |first2=Eric |date=April 14, 2023 |title=Bucks co-owner Marc Lasry sells ownership stake to Jimmy Haslam: How does this impact the franchise? |url=https://theathletic.com/4411814/2023/04/14/jimmy-haslam-lasry-bucks-stake-sale/ |access-date=April 18, 2023 |website=[[The Athletic]]}}</ref><ref>{{Cite web |date=April 14, 2023 |title=NBA approves sale of Marc Lasry's share of Milwaukee Bucks |url=https://www.wisn.com/article/nba-approves-sale-of-marc-lasrys-share-milwaukee-bucks/43603489 |access-date=April 18, 2023 |website=[[WISN-TV|12 WISN]]}}</ref> The following month Lasry announced a women's sports investment fund, Avenue Sports Fund, at [[SkyBridge Capital|SALT's]] New York iConnections conference.<ref>{{Cite news |last=Baysinger |first=Tim |date=May 18, 2023 |title=Marc Lasry launches sports investment fund for women's sports |url=https://www.axios.com/pro/media-deals/2023/05/18/marc-lasry-sports-fund-avenue-capital |access-date=June 1, 2024 |work=Axios}}</ref> The fund is an investor in The Bay Golf Club of the [[TGL (golf league)|TGL]]<ref>{{Cite web |last=Tan |first=Gillian |last2=Williams |first2=Randall |date=2024-01-31 |title=PGA Said to Approve $3 Billion Investment From Fenway-Led Group - BNN Bloomberg |url=https://www.bnnbloomberg.ca/pga-said-to-approve-3-billion-investment-from-fenway-led-group-1.2028877 |access-date=2024-06-02 |website=BNN Bloomberg |agency=Bloomberg News}}</ref> alongside [[Stephen Curry]], [[Andre Iguodala]], and [[Klay Thompson]].<ref>{{Cite web |last=McDonald |first=Patrick |date=2024-05-06 |title=Ludvig Åberg, Wyndham Clark headline San Francisco team in TGL led by Tiger Woods and Rory McIlroy |url=https://www.cbssports.com/golf/news/ludvig-aberg-wyndham-clark-headline-san-francisco-team-in-tgl-led-by-tiger-woods-and-rory-mcilroy/ |access-date=2024-06-02 |website=CBS Sports |language=en}}</ref>

==Philanthropy==
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In 2004, Lasry and his wife contributed support to the University of Pennsylvania and co-chaired the Penn Parent Leadership Committee.<ref>{{cite web|last=Kazan|first=Dan|title=The Lasry Family Professorship in Race Relations|date=December 16, 2021 |url=http://www.leftjustified.com/marc-lasry|publisher=Left Justified}}</ref> In 2005 they donated $5 million to Clark University for the construction of the "Cathy '83 and Marc '81 Lasry Center for Bioscience".<ref name="Clark University names new biosciences center">{{cite web|title=Clark University names new biosciences center|url=http://www.bizjournals.com/boston/stories/2005/01/24/daily11.html?page=all|publisher=Boston Business Journal|access-date=May 20, 2013}}</ref>

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Lasry served as a director of the [[92nd Street Y]] and the [[Big Apple Circus]] and was a trustee of the [[Mount Sinai Hospital (Manhattan)|Mount Sinai Hospital]] in [[Manhattan]].<ref name="WSJ">{{cite web|url=https://www.wsj.com/articles/SB10001424052748703416204575145924237322674?mod=WSJ_Markets_section_Deals|title=Avenue Capital's Investor in Chief|last=Spector|first=Mike|date=March 27, 2010|work=The Wall Street Journal|access-date=March 28, 2010}}</ref>

In January 2016 Lasry participated in "Portfolios with Purpose," an annual stock selection contest in which participants pick portfolios on behalf of their favorite charities.<ref name="Yahoo! Finance: Hedge fund manager Marc Lasry: Positive on energy, Clinton and charity">{{cite web|last1=Sinclair|first1=Nicole|title=Hedge fund manager Marc Lasry: Positive on energy, Clinton and charity|url=https://finance.yahoo.com/news/lasry-on-2016-223328450.html#|publisher=Yahoo! Finance|access-date=February 10, 2016|date=January 7, 2016}}</ref>

In October 2017, Lasry, Dirk Ziff and Tim Sarnoff resigned from [[The Weinstein Company]]'s board following the publication of a New York Times investigation into the claims against Mr. Weinstein. <ref>{{cite web|last=Garrahan |first=Matthew |url=https://www.ft.com/content/90b813cc-aaac-11e7-93c5-648314d2c72c |title=Weinstein investigated as three directors resign |publisher=ft.com |date=October 7, 2017 |access-date=October 24, 2022}}</ref>


==Personal life==
==Personal life==
Lasry is married to Cathy Cohen and they have five children.<ref name=Bloomberg/><ref name=NYLSAlumni /> The family continues to practice some of the distinctive customs of the Moroccan Jewish community.<ref name="WJC" /> Their son, [[Alex Lasry|Alex]], worked for [[White House]] senior adviser [[Valerie Jarrett]] and was a [[2022 United States Senate election in Wisconsin|candidate for the United States Senate in 2022]].<ref>{{Cite web|url=https://www.cnbc.com/2021/02/17/milwaukee-bucks-executive-alex-lasry-to-run-for-senate-in-2022.html|title=Milwaukee Bucks executive Alex Lasry to run for Senate in 2022|first=Christian|last=Nunley|date=February 17, 2021|website=CNBC}}</ref> Their daughter, Samantha, was a staffer for congressman [[Rahm Emanuel]].<ref>{{cite web|url=https://nypost.com/2013/04/27/flushed-diplo-pick-tight-with-bill-bam/|title=Flushed diplo pick tight with Bill & Bam|work=New York Post|first=Jeane|last=MacIntosh|date=April 27, 2013|access-date=May 22, 2014}}</ref>
Lasry is married to Cathy Cohen who he met while in college.<ref name=NYLSAlumni /> They have five children together,<ref name=Bloomberg/><ref name=NYLSAlumni /> one of whom now works in the [[White House]].<ref name=Bloomberg/>
Lasry is a competitive athlete, especially in basketball and tennis.<ref name="Hedge Fund Places Faith in Euro Zone">{{cite web|last=Schwartz|first=Nelson|title=Hedge Fund Places Faith in Euro Zone|url=http://www.nytimes.com/2012/07/23/business/avenue-capital-hedge-fund-takes-chance-on-euro-zone.html?pagewanted=all|publisher=The New York Times}}</ref>
He also continues to have a deep interest in comics.<ref name="If fund manager Lasry gets ambassador nod, investors likely to stay">{{cite web|last=Wachtel|first=Katya|title=If fund manager Lasry gets ambassador nod, investors likely to stay|url=http://www.reuters.com/article/2013/03/15/us-lasry-france-hedgefunds-idUSBRE92E14J20130315|work=Reuters|publisher=Reuters|accessdate=20 May 2013|date=15|month=03|year=2013}}</ref>


Lasry is a member of [[Kappa Beta Phi]].<ref>{{cite book |last=Roose |first=Kevin |date=2014 |title=Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits |location=London, UK |publisher= John Murray (Publishers), An Hachette UK Company |page=209 |isbn=978-1-47361-161-0}}</ref>
==Notes==

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{{reflist}}
Lasry is a major [[Democratic Party (United States)|Democratic Party]] donor<ref>{{cite web|last=Bunch |first=Will |url=http://www.philly.com/philly/blogs/attytood/Meet-the-fossil-fuel-loving-hedge-fund-billionaire-trying-to-save-Hillary.html |title=Meet the fossil-fuel loving hedge fund billionaire behind Hillary's surge |publisher=Philly.com |date=February 22, 2016 |access-date=April 22, 2017}}</ref> while considering a Democratic sweep in election “bad for stocks”.<ref>{{Cite web|last=Stankiewicz|first=Kevin|date=2020-08-19|title=Democratic election sweep would be bad for stocks, says Biden-backer Marc Lasry|url=https://www.cnbc.com/2020/08/19/biden-donor-marc-lasry-democratic-sweep-in-election-would-be-bad-for-stocks.html|access-date=2021-06-09|website=CNBC|language=en}}</ref> He backed [[Kamala Harris]] in the [[2020 Democratic Party presidential primaries|2020 Democratic presidential primary]], stating that he "would like to have somebody who’s in the middle" as the party's candidate.<ref>{{Cite web |last=Belvedere |first=Matthew J. |date=2019-11-15 |title=Democratic billionaire Marc Lasry says stock market would fall 20%-30% if Warren wins presidency |url=https://www.cnbc.com/2019/11/15/marc-lasry-stock-market-would-fall-20percent-30percent-if-elizabeth-warren-wins.html |access-date=2022-06-19 |website=CNBC |language=en}}</ref>

Lasry was a board member of the [[92nd Street Y]].<ref name="WJC" />

In 2019, Lasry played on the "Away" roster during the [[2019 NBA All-Star Game#Celebrity Game|NBA All-Star Celebrity Game]] at the [[Bojangles Coliseum]] in [[Charlotte, North Carolina|Charlotte]], [[North Carolina]].<ref>{{Cite web |url=http://www.nba.com/article/2019/02/06/2019-celebrity-game-participants-official-release |title=ESPN and NBA announce celebrity rosters and coaches for 2019 NBA All-Star Celebrity Game presented by Ruffles exclusively on ESPN |last=release |first=Official |website=NBA.com |language=en |access-date=2019-03-13}}</ref>


==References==
==References==
⚫
{{reflist}}
*[http://www.nytimes.com/2005/08/19/business/19vulture.html A World Where Down Means Up]. New York Times, August 19, 2005
*[http://www.nytimes.com/2006/10/31/business/31morgan.html Bank Buys Into Fund]. Reuters, October 31, 2006
*[http://thedealsleuth.wordpress.com/2009/02/23/avenue-capitals-marc-lasry-is-in-therapy-over-depressed-asset-prices/ Avenue Capital’s Marc Lasry Is In Therapy Over Depressed Asset Prices]. The Deal Sleuth
*[http://seekingalpha.com/article/121929-avenue-capital-s-marc-lasry-hedge-fund-shakeout-will-continue Avenue Capital's Marc Lasry: Hedge Fund Shakeout Will Continue]. Seeking Alpha, February 22, 2009
*[http://www.hedgefund.net/publicnews/default.aspx?story=10922 Lasry Thinking Big For New Avenue Fund]. HedgeFund.net, February 12, 2010
*[http://nymag.com/daily/intelligencer/2014/02/i-crashed-a-wall-street-secret-society.html One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society]. NYMag.com, February 17, 2014
{{refend}}


{{NBAOwners}}
{{private equity investors}}
{{Milwaukee Bucks}}


{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. -->
| NAME = Lasry, Marc
| ALTERNATIVE NAMES =
| SHORT DESCRIPTION = Hedge fund founder, CEO
| DATE OF BIRTH = 1960
| PLACE OF BIRTH = [[Morocco]]
| DATE OF DEATH =
| PLACE OF DEATH =
}}
{{DEFAULTSORT:Lasry, Marc}}
{{DEFAULTSORT:Lasry, Marc}}
⚫
[[Category:1959 births]]
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[[Category:Living people]]
[[Category:20th-century Moroccan Jews]]
[[Category:People from Marrakesh]]
[[Category:Businesspeople from New York City]]
[[Category:American billionaires]]
[[Category:American hedge fund managers]]
[[Category:American hedge fund managers]]
[[Category:Moroccan Jews]]
[[Category:American people of Moroccan-Jewish descent]]
[[Category:American Jews]]
[[Category:Moroccan emigrants to the United States]]
[[Category:American Mizrahi Jews]]
[[Category:American philanthropists]]
[[Category:Private equity and venture capital investors]]
[[Category:Private equity and venture capital investors]]
[[Category:Clark University alumni]]
[[Category:Clark University alumni]]
[[Category:New York Law School alumni]]
[[Category:New York Law School alumni]]
[[Category:American people of Moroccan-Jewish descent]]
[[Category:20th-century American Sephardic Jews]]
[[Category:1960 births]]
[[Category:21st-century American Sephardic Jews]]
⚫
[[Category:Living people]]
⚫
[[Category:American billionaires]]

Latest revision as of 14:27, 24 December 2024

Marc Lasry
Born (1959-09-23) September 23, 1959 (age 65)[1]
Marrakesh, Morocco
NationalityMoroccan, American
EducationClark University (BA)
New York Law School (JD)
Occupation(s)Private equity investor
Hedge fund manager
Known forCo-founder of Avenue Capital Group, and co-owner of the Milwaukee Bucks
SpouseCathy Cohen
Children5, including Alex
FamilySonia Gardner (sister)

Marc Lasry (born September 23, 1959) is a Moroccan American billionaire businessman and private equity manager. He is the co-founder and chief executive officer (CEO) of Avenue Capital Group. He was a co-owner of the NBA's Milwaukee Bucks basketball team from 2014 to 2023.

Early life and education

[edit]

Lasry was born in to a Jewish family in Marrakesh, Morocco.[2] When he was seven years old, he and his family immigrated to the U.S, right before the outbreak of the Six Day War in 1967.[3][4] His father, Moise, was a computer programmer and his mother, Elise, was a schoolteacher.[5][6] Lasry grew up in West Hartford, Connecticut, and received a B.A. in history from Clark University in 1981 and a J.D. from New York Law School in 1984. While in law school, he worked as a clerk for the Chief Bankruptcy Judge of the Southern District of New York, Edward Ryan.[7]

Career

[edit]

After graduating from law school, Lasry took a position in the bankruptcy branch of the law firm Angel & Frankel.[7] Together with his sister Sonia Gardner, an attorney, they founded Amroc Investments in 1989 and Avenue Capital Group in 1995. One year later[7] Lasry became the Director of the Private Debt Department at the investment firm R. D. Smith, now Smith Vasillou Management.[8] This is where Lasry first got involved in trade claims. He then took a position as co-director of the Bankruptcy and Corporate Reorganization Department at Cowen & Company.[8] There Lasry recruited his sister Sonia to assist in the company's trade claims department.[8] Lasry left Cowen & Company and joined the Robert M. Bass Group, focused on distressed security investments.

In 1989, Lasry and his sister founded the firm Amroc Investments with $100 million in seed money from various investors. Amroc purchased both trade claims and bank debt held by vendors of bankrupt and/or distressed companies.[2] In 1995, Lasry and Gardner invested $7 million of their own capital and founded the Avenue Capital Group, which initially focused on distressed debt and special situations primarily in the United States, including getting involved in Puerto Rican government-debt crisis.[9] The partners successfully expanded the firm's investment focus to Europe and Asia. The two went on to build their hedge fund, which had as much as $11 billion in assets under management.[5]

In 2010, Lasry also took control of Trump Entertainment Resorts as it went through its third bankruptcy. In October 2011, Lasry and Donald Trump announced plans to set up an online gambling venture if and when the United States legalizes such betting.[10] On January 12, 2013 when the reorganization of Trump Entertainment had made marked progress, Lasry resigned as the casino company's chairman of the board.[11]

In 2013, Lasry was considered for the position of U.S. ambassador to France, but declined consideration for business reasons.[12] In 2014 Forbes listed Lasry as one of the 25 highest-earning hedge fund managers in 2013, with total earnings of $280 million.[13]

In April 2014, Lasry became co-owner of the NBA's Milwaukee Bucks after purchasing the team from Herb Kohl for $550 million with Wes Edens.[14] Following the 2016 U.S. election, Lasry and the Milwaukee Bucks became one of three NBA teams to openly state they would not be staying at Trump branded hotels when on the road.[15]

In 2021, Lasry stepped down as the chair of Ozy Media.[16][17] He also touted about investing in China, saying "Now is a great time to be investing in China"[18]

Lasry is the largest shareholder of Amplify Energy, an energy company responsible for an October 2021 oil spill in Orange County, California. Amplify was charged by a federal grand jury in December 2021 for criminal negligence in connection with their role in the oil spill. The 25,000-gallon oil spill was “in a quantity that may be harmful to the public health, welfare and environment of the United States,”[19][20]

In 2023, Lasry entered an agreement to sell his 25% stake of the Bucks to Dee and Jimmy Haslam.[21][22] The NBA Board of Governors approved the sale on April 14, 2023.[23][24] The following month Lasry announced a women's sports investment fund, Avenue Sports Fund, at SALT's New York iConnections conference.[25] The fund is an investor in The Bay Golf Club of the TGL[26] alongside Stephen Curry, Andre Iguodala, and Klay Thompson.[27]

Philanthropy

[edit]

In 2004, Lasry and his wife contributed support to the University of Pennsylvania and co-chaired the Penn Parent Leadership Committee.[28] In 2005 they donated $5 million to Clark University for the construction of the "Cathy '83 and Marc '81 Lasry Center for Bioscience".[29]

Lasry served as a director of the 92nd Street Y and the Big Apple Circus and was a trustee of the Mount Sinai Hospital in Manhattan.[30]

In January 2016 Lasry participated in "Portfolios with Purpose," an annual stock selection contest in which participants pick portfolios on behalf of their favorite charities.[31]

In October 2017, Lasry, Dirk Ziff and Tim Sarnoff resigned from The Weinstein Company's board following the publication of a New York Times investigation into the claims against Mr. Weinstein. [32]

Personal life

[edit]

Lasry is married to Cathy Cohen and they have five children.[5][7] The family continues to practice some of the distinctive customs of the Moroccan Jewish community.[3] Their son, Alex, worked for White House senior adviser Valerie Jarrett and was a candidate for the United States Senate in 2022.[33] Their daughter, Samantha, was a staffer for congressman Rahm Emanuel.[34]

Lasry is a member of Kappa Beta Phi.[35]

Lasry is a major Democratic Party donor[36] while considering a Democratic sweep in election “bad for stocks”.[37] He backed Kamala Harris in the 2020 Democratic presidential primary, stating that he "would like to have somebody who’s in the middle" as the party's candidate.[38]

Lasry was a board member of the 92nd Street Y.[3]

In 2019, Lasry played on the "Away" roster during the NBA All-Star Celebrity Game at the Bojangles Coliseum in Charlotte, North Carolina.[39]

References

[edit]
  1. ^ cityfile. "Happy Birthday". gawker.com. Retrieved April 10, 2018.
  2. ^ a b Wee, Gillian (February 15, 2012). "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets". Bloomberg. Retrieved May 9, 2013.
  3. ^ a b c Cohen, Leon (October 31, 2014). "New Bucks owner has distinctive Jewish story". Wisconsin Jewish Chronicle. Retrieved April 8, 2024.
  4. ^ Tablet Magazine: "The Next Owner of ‘Newsweek’ Will Be Jewish – A plea against one of the candidates" By Marc Tracy July 30, 2010
  5. ^ a b c Bloomberg: "Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets" February 14, 2012
  6. ^ Ahuja, Maneet (May 3, 2012). The alpha masters unlocking the genius of the world's top hedge funds. Hoboken, N.J.+: Wiley. p. 79. ISBN 978-1118167571.
  7. ^ a b c d New York Law School alumni Bulletin: "Spotlight Luncheon: A Conversation with Marc Lasry '84" retrieved June 18, 2013
  8. ^ a b c Ahuja, Maneet (May 29, 2012). The alpha masters : unlocking the genius of the world's top hedge funds. Hoboken, N.J.: Wiley. pp. 79–81. ISBN 978-1118065525.
  9. ^ Morales, Ed (August 19, 2015), "Is an Obama Donor Tying the President's Hands on Puerto Rico's Debt Crisis?", The Nation
  10. ^ Wee, Gillian (February 25, 2012), "Marc Lasry of Avenue Capital sees opportunity in Europe's distressed assets", Washington Post
  11. ^ Trump Entertainment Chairman, Marc Lasry, Resigns from Board, January 12, 2013
  12. ^ Tausche, Kayla (April 26, 2013). "Why Lasry Said 'Non Merci". Retrieved June 18, 2013.
  13. ^ Vardi, Nathan (February 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes
  14. ^ "NBA owners approve sale of Bucks to Edens, Lasry". nba.com. Retrieved April 10, 2018.
  15. ^ Kwesi, Marcus (November 16, 2016). "Why Some NBA Teams Reportedly Won't Stay At Donald Trump-Branded Hotels". NESN.com. Retrieved April 22, 2017.
  16. ^ "Marc Lasry has stepped down as chair of OZY, the media company at the center of an impersonation scandal involving YouTube and Goldman Sachs". Business Insider.
  17. ^ "Marc Lasry, chairman of embattled media org Ozy, resigns". Associated Press. September 30, 2021.
  18. ^ "'Now Is A Great Time To Be Investing In China': Avenue Capital Group CEO Marc Lasry". Forbes. May 16, 2021.
  19. ^ "Amplify Energy and subsidiaries charged with negligence in Orange County oil spill". Los Angeles Times. December 16, 2021. Retrieved June 2, 2022.
  20. ^ Lahiri, Tripti (October 4, 2021). "Hedge fund investor Marc Lasry's tough week just got a lot worse". Quartz. Retrieved June 2, 2022.
  21. ^ "Sources: Bucks worth $3.5B as Haslams buy in". February 27, 2023.
  22. ^ "Bucks co-owner Marc Lasry agrees to sell his team stake to Browns owner Jimmy Haslam: Sources". The Athletic. February 27, 2023.
  23. ^ Charania, Shams; Nehm, Eric (April 14, 2023). "Bucks co-owner Marc Lasry sells ownership stake to Jimmy Haslam: How does this impact the franchise?". The Athletic. Retrieved April 18, 2023.
  24. ^ "NBA approves sale of Marc Lasry's share of Milwaukee Bucks". 12 WISN. April 14, 2023. Retrieved April 18, 2023.
  25. ^ Baysinger, Tim (May 18, 2023). "Marc Lasry launches sports investment fund for women's sports". Axios. Retrieved June 1, 2024.
  26. ^ Tan, Gillian; Williams, Randall (January 31, 2024). "PGA Said to Approve $3 Billion Investment From Fenway-Led Group - BNN Bloomberg". BNN Bloomberg. Bloomberg News. Retrieved June 2, 2024.
  27. ^ McDonald, Patrick (May 6, 2024). "Ludvig Åberg, Wyndham Clark headline San Francisco team in TGL led by Tiger Woods and Rory McIlroy". CBS Sports. Retrieved June 2, 2024.
  28. ^ Kazan, Dan (December 16, 2021). "The Lasry Family Professorship in Race Relations". Left Justified.
  29. ^ "Clark University names new biosciences center". Boston Business Journal. Retrieved May 20, 2013.
  30. ^ Spector, Mike (March 27, 2010). "Avenue Capital's Investor in Chief". The Wall Street Journal. Retrieved March 28, 2010.
  31. ^ Sinclair, Nicole (January 7, 2016). "Hedge fund manager Marc Lasry: Positive on energy, Clinton and charity". Yahoo! Finance. Retrieved February 10, 2016.
  32. ^ Garrahan, Matthew (October 7, 2017). "Weinstein investigated as three directors resign". ft.com. Retrieved October 24, 2022.
  33. ^ Nunley, Christian (February 17, 2021). "Milwaukee Bucks executive Alex Lasry to run for Senate in 2022". CNBC.
  34. ^ MacIntosh, Jeane (April 27, 2013). "Flushed diplo pick tight with Bill & Bam". New York Post. Retrieved May 22, 2014.
  35. ^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 209. ISBN 978-1-47361-161-0.
  36. ^ Bunch, Will (February 22, 2016). "Meet the fossil-fuel loving hedge fund billionaire behind Hillary's surge". Philly.com. Retrieved April 22, 2017.
  37. ^ Stankiewicz, Kevin (August 19, 2020). "Democratic election sweep would be bad for stocks, says Biden-backer Marc Lasry". CNBC. Retrieved June 9, 2021.
  38. ^ Belvedere, Matthew J. (November 15, 2019). "Democratic billionaire Marc Lasry says stock market would fall 20%-30% if Warren wins presidency". CNBC. Retrieved June 19, 2022.
  39. ^ release, Official. "ESPN and NBA announce celebrity rosters and coaches for 2019 NBA All-Star Celebrity Game presented by Ruffles exclusively on ESPN". NBA.com. Retrieved March 13, 2019.
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