Oaktree Capital Management has raised $4.7bn (€4bn) for its latest opportunistic real estate fund.
The manager said the amount raised by the Oaktree Real Estate Opportunities Fund VIII and related vehicles (ROF VIII) at close exceeded the fund’s original target of $3.5bn.
In January, IPE Real Assets reported that fundraising for the fund had reached $4bn.
As previously reported, the Fresno County Employees’ Retirement Association, Orange County Employees Retirement System and Nebraska Investment Council have all invested in the fund.
ROF VIII will mostly be buying debt secured by a combination of commercial and residential assets in the US, Europe and Asia.
To date, the fund has invested or committed approximately $1.7bn, or about 40% of its capital, in a combination of purchases of distressed real estate-related securities made early in the pandemic and, more recently, relationship-based “rescue” financings for public and private real estate lenders and owners experiencing problems with their leverage, Oaktree Capital said.
John Brady, portfolio manager and head of real estate at Oaktree Capital, said: “The Covid-19 pandemic has created a compelling set of credit-focused investment opportunities for our fund.
“We’re very thankful for the support and confidence we’ve received for our opportunistic, yet risk-controlled approach to investing.”
To read the digital edition of the latest IPE Real Assets magazine click here.
