Oaktree Capital Management, L.P. has announced the launch of the Oaktree Direct Lending Evergreen Fund, L.P. (ODLE), a new evergreen senior direct lending strategy designed for institutional clients. The fund completed its first close with approximately $2.35 billion in committed capital, the majority from a diverse group of global insurance companies. 

ODLE will primarily invest in senior secured loans to sponsor-backed middle-market borrowers in the United States, while selectively extending credit to large-cap and non-sponsor-backed borrowers across the U.S. and Europe on a first-lien, senior secured basis. 

The $209 billion Los Angeles-based firm developed ODLE as a structural innovation within private credit—featuring a perpetual, rated note feeder vehicle tailored for insurance investors. The fund charges no incentive fees, only management fees, and is designed to help clients achieve long-term portfolio objectives through the advantages of an evergreen structure that supports capital efficiency and NAV stability relative to traditional closed-end funds. 

ODLE is available to both insurance and non-insurance investors, in levered and unlevered versions, and benefits from ratings assigned by two global credit agencies. 

“Insurance companies and other long-term investors are increasingly seeking portfolio structures that align with their specific balance sheet objectives,” said Greg Halagan, Managing Director and Global Head of Insurance Solutions at Oaktree. “ODLE reflects Oaktree’s ability to pair fundamental credit expertise with thoughtful structuring designed for insurance investors—offering flexibility, stability, and the potential for long-term value compounding within a durable evergreen format.” 

Kirkland & Ellis LLP served as legal counsel to Oaktree on the formation of ODLE.