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Oaktree’s 15% Returns Target Is Lowest Ever, Marks Says

Oaktree Capital Group LLC, the world’s largest distressed-debt investor, is telling clients it’s targeting the lowest returns it has ever sought, according to Chairman Howard Marks.

“In the distressed strategies, like distressed debt and real estate, we’re aiming to make 15 percent gross,” Marks said today at the Goldman Sachs Financial Services Conference in New York. “The irony is, of course, that today 15 percent sounds like some herculean task. It’s the lowest yield we’ve ever targeted.”