Oaktree Capital Management is acquiring infrastructure management firm Highstar Capital, said Carissa Felger, a spokeswoman for Oaktree, in an e-mail.
The transaction is expected to close at the end of the third quarter. Financial terms of the deal are not being disclosed.
Ian Schapiro, Oaktree managing director and portfolio manager, will oversee the Highstar team and be responsible for its integration into Oaktree. Mr. Schapiro leads Oaktree's energy infrastructure group.
Once the deal closes, Oaktree will become the manager of the $2.3 billion Highstar Fund IV. Investors in the fund include Oregon Investment Council, Tigard, which runs the $68.2 billion Oregon Public Employees Retirement Fund, Salem. The entire Highstar staff will join Oaktree.
Oaktree had $86.2 billion in assets under management as of March 31.