Oaktree Capital Management has raised a record $2.4bn (£1.8bn) in commitments for its fourth special situations fund.
The asset manager recently completed a first close for Oaktree Special Situations Fund IV, having targeted $4bn, according to Bloomberg, citing sources close to the matter.
The $2.4bn raised is a new record at first close for Oaktree’s special situations strategy.
Read more: Oaktree expands European private debt team
The vehicle is expected to raise around $5bn at a final close later this year, Bloomberg reported.
In December 2023, Oaktree raised $3bn for its third special situations fund, beating its $2.5bn target.
Oaktree Special Situations Fund III invests in struggling mid-market businesses in North America.
On its website, Oaktree states that its special situations strategy has “a highly flexible approach to make control or significant-influence-oriented private equity and debt investments in middle-market companies experiencing a special situation” and is an “all-weather strategy”.
Bloomberg also reported that Oaktree has promoted managing director Thomas Casarella to co-portfolio manager in the special situations group, working alongside Jordon Kruse and Matt Wilson.
According to the company website, Casarella leads investing efforts in the consumer and financial services industries.
Casarella joined Oaktree in 2012, prior to which he was deputy chief restructuring officer at the United States Department of the Treasury and, before that, he was an investor in the private equity group at Brookfield Asset Management.
Alternative Credit Investor has contacted Oaktree for comment.
