Oaktree Capital Management targets $3.5b for eighth opportunistic fund

IREI has learned that Oaktree Capital Management has set a $3.5 billion target for its opportunistic real estate fund, Oaktree Real Estate Opportunities Fund VIII.

The Los Angeles–based firm could not be reached to comment on its fundraising activities.

The investment vehicle will invest in debt and distressed properties, mainly throughout the United States in the commercial, office and residential sectors.

As of January, the fund had raised just over $1 billion from 31 investors. Among those investors is the  Minnesota State Board of Investment, which recently approved a $100 million commitment to the fund.

The fund’s predecessor, Oaktree Real Estate Opportunities Fund VII, closed with $2.92 billion in 2016. It followed a strategy that targeted CMBS, mortgage debt and distressed properties in Europe and the United States.