Fundraising - APRIL 30, 2014

Oaktree raises $678m for debt fund

by Reg Clodfelter

Oaktree Capital Management has raised $678 million for its $700 million debt fund, Oaktree Real Estate Debt Fund, according to a filing with the SEC. An official announcement has not been released. 

The fund launched a year ago with a fundraising goal of $500 million to $700 million. It pursues investments in CMBS, first mortgages, subordinated secured debt, mezzanine debt and corporate debt. The fund is targeting a levered gross return of 12 percent. The fund has a six-year term and is subject to up to a three-year extension by the fund’s general partner and, thereafter, two one-year extensions with limited partner consent

Institutional investors that committed to the fund this year include the Orange County (Calif.) Employees Retirement System, which committed $75 million to the fund in January.

Headquartered in Los Angeles, Oaktree Capital Management was founded in 1995 and invests globally in distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities. Currently, the firm manages more than $86 billion in assets.

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