Scott Graves, Oaktree Capital Group LLC’s head of credit strategies, will leave the distressed-debt investor after 15 years.
Graves, 45, will leave at the end of the year to pursue new opportunities, Los Angeles-based Oaktree said in a statement Tuesday. Bruce Karsh, Oaktree’s co-chairman and chief investment officer, will take on Graves’s responsibilities.
“Few people at Oaktree have contributed in such a variety of ways,” Karsh said in the statement, adding that Graves will take “his experience and expertise in a new and entrepreneurial direction.”
Graves will receive $2.63 million for his work in 2016, Oaktree said in a regulatory filing Tuesday. He won’t be subject to a non-compete agreement, the firm said.
Graves joined Oaktree in 2001 and worked on the firm’s distressed-debt, value opportunities and strategic credit funds. In 2011 he was named co-portfolio manager for distressed debt and expanded his role to help the firm diversify as it prepared to sell shares to the public.
Oaktree was founded by Karsh, Howard Marks and other partners in 1995. The firm managed $98.1 billion in distressed debt, private equity holdings, real estate, infrastructure and energy-related assets as of June 30.