Fundraising for Oaktree Capital Management’s opportunistic real estate fund has reached $4bn (€3.3bn), according to people familiar with the matter.

IPE Real Assets understands that the Oaktree Real Estate Opportunities Fund VIII fund, which set out to raise $3.5bn, is still accepting new commitments.

Oaktree declined a request for comment.

The Fresno County Employees’ Retirement Association recently made a $75m commitment to fund.

Fund VIII will mostly be buying debt secured by a combination of commercial and residential assets in the US, Europe and Asia.

Fresno County has also made a $75m commitment to Ares Real Estate Opportunity Fund III, an opportunistic US real estate fund.

Ares raised $1.1bn at first close in December 2019.

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