Marc Lasry
Marc Lasry | |
|---|---|
| Born | September 23, 1959 Marrakesh, Morocco |
| Occupation(s) | Entrepreneur, private equity executive |
| Years active | 1984–present |
| Known for | Co-founder and CEO of Avenue Capital Group; part-owner of the Milwaukee Bucks (2014–2023) |
Marc Lasry (born September 23, 1959) is a Moroccan-American billionaire entrepreneur and private equity executive. He co-founded and serves as CEO of Avenue Capital Group and was part-owner of the NBA's Milwaukee Bucks from 2014 until 2023.
Early life and education
Born into a Jewish family in Marrakesh, Morocco, Lasry relocated to the United States with his family at age seven, shortly before the 1967 Six Day War. His father, Moise, worked as a computer programmer, while his mother, Elise, was employed as a schoolteacher. Growing up in West Hartford, Connecticut, Lasry earned a Bachelor of Arts degree in history from Clark University in 1981, followed by a Juris Doctor from New York Law School in 1984. During his legal studies, he served as a clerk for Chief Bankruptcy Judge Edward Ryan in the Southern District of New York.
Career
Following graduation from law school, Lasry practiced bankruptcy law at Angel & Frankel. Together with his sister, Sonia Gardner, he established Amroc Investments in 1989 and later co-founded Avenue Capital Group in 1995. In 1996, he took on the role of Director of the Private Debt Department at R. D. Smith (now Smith Vasillou Management), where he initially focused on trade claims. Subsequently, he co-led the Bankruptcy and Corporate Reorganization Department at Cowen & Company, bringing his sister on board to assist with trade claims before transitioning to the Robert M. Bass Group to specialize in distressed securities.
Amroc Investments commenced operations with $100 million in initial capital, acquiring trade claims and bank debt from companies undergoing bankruptcy or financial distress. Avenue Capital Group started with a $7 million personal investment from Lasry and Gardner, concentrating primarily on distressed debt and special situations within the United States, including participation related to the Puerto Rican government-debt crisis. The firm later expanded its reach into European and Asian markets, increasing its assets under management to roughly $11 billion.
In 2010, Lasry gained control over Trump Entertainment Resorts during its third bankruptcy filing. The following year, he partnered with Donald Trump to announce plans for an online gambling enterprise contingent upon legalization in the U.S. He resigned as chairman of Trump Entertainment’s board in January 2013 after overseeing significant restructuring efforts.
Lasry was considered for the position of U.S. ambassador to France in 2013 but declined due to business commitments. That same year, Forbes listed him among the top 25 highest-compensated hedge fund managers, reporting earnings of $280 million.
In April 2014, Lasry and Wes Edens jointly acquired the NBA’s Milwaukee Bucks for $550 million. Following the 2016 presidential election, the Bucks organization publicly chose to avoid staying at hotels affiliated with Donald Trump during away games.
In 2021, Lasry resigned as chairman of Ozy Media amid controversy surrounding the company. During that year, he advocated for investment opportunities in China, highlighting it as a favorable market.
He holds the largest stake in Amplify Energy, which was involved in a 2021 oil spill off Orange County that resulted in federal criminal negligence charges.
In 2023, Lasry agreed to divest his 25% ownership interest in the Bucks to Dee Haslam and Jimmy Haslam. The NBA Board of Governors approved this transaction in April 2023. The following month, Lasry launched Avenue Sports Fund with a focus on investing in women’s sports ventures, including support for The Bay Golf Club of the TGL (golf league), alongside athletes such as Stephen Curry and Klay Thompson.
Philanthropy
In 2004, Lasry and his spouse contributed to the University of Pennsylvania and jointly led the Penn Parent Leadership Committee. The following year, they gifted $5 million to Clark University, establishing the "Cathy '83 and Marc '81 Lasry Center for Bioscience."
Lasry held leadership roles as a director at both the 92nd Street Y and the Big Apple Circus, in addition to serving as a trustee for Mount Sinai Hospital located in Manhattan.
In January 2016, he took part in "Portfolios with Purpose," an annual investment competition aimed at supporting charitable organizations.
By October 2017, Lasry, along with Dirk Ziff and Tim Sarnoff, stepped down from The Weinstein Company's board after a New York Times report revealed accusations against Harvey Weinstein.
Personal life
Lasry is married to Cathy Cohen, and together they have five children. Their family observes certain Moroccan Jewish traditions. Their son, Alex Lasry, has experience working for White House advisor Valerie Jarrett and ran as a candidate for the U.S. Senate in Wisconsin during 2022. Their daughter Samantha served on the staff of Congressman Rahm Emanuel.
He is affiliated with Kappa Beta Phi.
As a prominent donor to the Democratic Party, Lasry has voiced concerns that a comprehensive Democratic victory might negatively impact stock markets. During the 2020 Democratic presidential primaries, he endorsed Kamala Harris, favoring a moderate contender.
Lasry also previously served on the board of the 92nd Street Y.
In 2019, he took part in the NBA All-Star Celebrity Game hosted in Charlotte, North Carolina.