Oaktree Capital Management announced the final close of Oaktree Opportunities Fund XII, a distressed debt fund, with about $16 billion in commitments, including co-investment and affiliated vehicles.
To date, the fund has more than $7 billion invested or committed in businesses that are diversified across regions, sectors and asset classes, said a news release Feb. 11.
This is the largest fund the company has ever raised and also the largest distressed debt fund ever, according to Pitchbook. A target for the fund was not disclosed.
Oaktree’s previous distressed debt fund, Oaktree Opportunities Fund XI, closed at $15.9 billion, in November 2021.
Investors in the current fund include the $118 billion Virginia Retirement System, Richmond, and $59.5 billion Connecticut Retirement Plans & Trust Funds, Hartford.
Oaktree has a total of $202 billion in assets under management.
