Oaktree Closes Record $16B Distressed Debt Fund
Oaktree Capital Management held the final close of its 12th opportunities fund with approximately $16 billion of commitments, including co-investment and affiliated vehicles. Oaktree Opportunities Fund XII (Opps XII) is both the largest fund closed in the firm’s history and the largest distressed-debt fund ever raised.
To date, Opps XII has over $7 billion invested or committed for investment in businesses across geographies, sectors, and asset classes. The Fund’s current portfolio reflects the firm’s preference for capital structure seniority, downside protection, and high cash coupon profile.
Commitments to the fund include $300 million from the Connecticut Retirement Plans and Trust Funds and $150 million from the Virginia Retirement System.
“We’re pleased with Opps XII’s deployment to date, and we see a robust pipeline ahead of us in 2025 as we continue to target high-quality opportunities,” said Bob O’Leary, co-CEO of Oaktree and Portfolio Manager for the firm’s global opportunities strategy.
Oaktree’s flagship opportunistic credit platform primarily focuses on investment opportunities in opportunistic liquid credits, rescue financings, debtor-in-possession financings, exit financings, loan portfolios, platforms, and opportunistic capital solutions.