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Oaktree Said to Raise $4 Billion Distressed European Asset Fund

Oaktree Capital Management LP, a Los Angeles-based investor that oversees $75 billion, raised a 3 billion-euro ($3.9 billion) fund focusing on taking control of distressed European companies through their debt or equity, according to two people with knowledge of the situation.

The European Principal Fund III raised 20 percent more than its initial target of 2.5 billion euros and 76 percent more than Oaktree’s previous fund using the same strategy in 2008, said the people, who declined to be identified because the matter isn’t public.

An Oaktree official, who declined to be identified citing company policy, wouldn’t comment.

Distressed asset-investment funds worldwide recorded a 3.2 percent return in January, compared with 2.1 percent a year earlier, according to an index compiled by New York-based adviser Hennessee Group LLC.

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