Avenue Capital hires former Morgan Stanley exec

The firm has hired former co-head of Morgan Stanley Private Equity Stephen Trevor as a senior managing director to help expand Avenue’s new distressed-for-control investment initiative.

Avenue Capital has hired Stephen Trevor, former co-head of Morgan Stanley Private Equity, as a senior managing director focusing on distressed-for-control investments. He will split his time between the firm’s New York and London offices.

Trevor resigned from Morgan Stanley, where he oversaw a global fund, a series of Asia funds and a credit fund, in July 2010.  He also held the positions of co-head of Morgan Stanley Merchant Banking and Asset Management and served on the management and risk committees. Prior to Morgan Stanley, Trevor was a partner at Goldman Sachs and a managing director in its Principal Investment division.

Avenue Capital’s distressed-for-control investing strategy focused on Europe and the US is a new initiative at the firm and separate from its Europe strategy, led by senior portfolio manager Rich Furst.

“[Trevor] is a veteran private equity investor who will be a strong addition to Avenue’s team in the US and Europe as we aim to expand out distressed-for-control investment activities,” Avenue chief executive officer Marc Lasry said in a statement.

Stephen
Trevor

The firm was not available for comment at press time.

Avenue recently raised $2 billion for its second Europe-focused fund, Avenue Europe Special Situations Fund II, which targets opportunities created by Europe’s leveraged corporate debt market and the European debt crisis. It is also currently investing its $1.9 billion sixth distressed fund focused on North America and Western Europe, which closed in May 2011.

Founded in 1995, Avenue Capital oversees approximately $12.1 billion of assets under management, as of 30 November, 2011.