Key Takeaways
- • Oaktree Capital Management reached a final close of $16B in capital commitments across its latest distressed debt fund, including co-investment and affiliated vehicles.
- • Oaktree Opportunities Fund XII had secured $3.45B from 76 investors as of February 2024, according to an amended SEC filing, after opening for subscription in February 2023.
- • Public pensions including the Virginia Retirement System and the Connecticut Retirement Plans and Trust Funds are among the fund's investors, per Dakota data.
- • Fund XII has deployed more than $7B across companies spanning multiple geographies, sectors and asset classes, and Oaktree manages $143B in credit strategy assets according to its website.
Summary
Oaktree Capital Management has secured capital commitments totaling $16B at the final close of its latest distressed debt fund, a figure that includes co-investment and affiliated vehicles. The flagship vehicle within that effort, Oaktree Opportunities Fund XII, opened for subscription in February 2023. As of February 2024, it had secured $3.45B in capital commitments from 76 investors, according to an amended filing with the SEC.
According to Dakota data, the Virginia Retirement System and the Connecticut Retirement Plans and Trust Funds are among the public pensions investing in the fund. The fundraise was marketed across the United States with the help of Oppenheimer & Co., Merrill Lynch, and Morgan Stanley. Outside the country, HMC ITJ, the Cayman branch of Banco BTG Pactual, Akela Capital, UBS, Singular Asset Management Administradora General de Fondos, Kyobo Securities, Nomura Securities, Spire Capital, and Kiatnakin Phatra Securities promoted Fund XII. Oaktree allocated an estimated $6.9M to commissions for the raise.
Fund XII sits within Oaktree's global opportunities strategy, under its opportunistic credit platform. The platform, previously called distressed debt, focuses on opportunistic liquid credit, rescue financings, debtor-in-possession financings, exit financings, loan portfolios, platforms, and opportunistic capital solutions. It lends to cash-strapped companies, including those facing defaults. The fund targets attractive risk-adjusted returns by pursuing public and private opportunities, and it has deployed more than $7B to companies across various geographies, sectors and asset classes. According to Oaktree's website, the firm manages $143B of assets under its credit strategy.
According to Dakota data, the Virginia Retirement System and the Connecticut Retirement Plans and Trust Funds are among the public pensions investing in the fund. The fundraise was marketed across the United States with the help of Oppenheimer & Co., Merrill Lynch, and Morgan Stanley. Outside the country, HMC ITJ, the Cayman branch of Banco BTG Pactual, Akela Capital, UBS, Singular Asset Management Administradora General de Fondos, Kyobo Securities, Nomura Securities, Spire Capital, and Kiatnakin Phatra Securities promoted Fund XII. Oaktree allocated an estimated $6.9M to commissions for the raise.
Fund XII sits within Oaktree's global opportunities strategy, under its opportunistic credit platform. The platform, previously called distressed debt, focuses on opportunistic liquid credit, rescue financings, debtor-in-possession financings, exit financings, loan portfolios, platforms, and opportunistic capital solutions. It lends to cash-strapped companies, including those facing defaults. The fund targets attractive risk-adjusted returns by pursuing public and private opportunities, and it has deployed more than $7B to companies across various geographies, sectors and asset classes. According to Oaktree's website, the firm manages $143B of assets under its credit strategy.
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