Oaktree Capital holds $4.9 billion final close

Oaktree Capital Management has held a $4.9 billion final close for its distressed debt fund, Oaktree Opportunities Fund IX, exceeding its $4 billion target. The fund will primarily invest in secured debt obligations such as publicly traded and privately placed debt securities, bank loans and mortgages, unsecured debt obligations, and equity of U.S. companies. Oaktree Opportunities Fund IX may invest up to 50 percent outside the United States and Canada.

The fund was launched in November 2011, and the firm held a first close on $1.2 billion earlier this year. Investors include Massachusetts Pension Reserves Investment Management Board, Pennsylvania Public School Employees’ Retirement System, Tennessee Consolidated Retirement System and Washington State Investment Board.