Marc Lasry is a big name in the hedge fund world. But Avenue Capital Group, the company he founded, also has a business apart from its famed distressed strategy: private equity.

Avenue on Tuesday went from dark horse to frontrunner in a bid to purchase Landwind, a medical equipment company based in China. Completing that deal would mean Avenue Capital, which Lasry launched in 1995 with cofounder Sonia Gardner, had outlasted the vanguard of private equity, such as would-be Landwind acquirer Bain Capital.

Landwind, a portfolio company of Citi Venture Capital International, de-listed from the Singapore stock exchange and sold 70% of itself to CVCI. Avenue is said to have laid out $100 million for Landwind. A spokesman for Avenue declined a request for additional comment.

Avenue, headquartered in New York, has bulked up its profile in Asia, establishing its presence in Beijing, Hong Kong and Shanghai. Known as a top distressed hedge fund in America, the company began investing in Asia in 2001. With $20 billion under management, Avenue is a top alternative investment company; and came to Main Street attention for hiring Chelsea Clinton, daughter of President Clinton.

In addition to Bain, Avenue is reported to have outbid Affinity Equity, FountainVest and Sequoia Capital. CVCI is said to have begun shopping Landwind in April. Lasry, a Democratic Party backer, is worth a reported $2 billion.