Howard Marks’s Oaktree Seeks $15 Billion for Biggest Distress Fund Ever

Sum rivals the firm’s current commitment to troubled assets
Oaktree invested $1.9 billion during March market rout

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Sabrina Willmer

April 15, 2020 at 4:00 PM UTC

This article is for subscribers only.

Oaktree Capital Group LLC is seeking $15 billion to start the largest-ever distressed-debt fund, aiming to profit from companies damaged by the coronavirus pandemic.

Oaktree Opportunities Fund XI will buy up debt in struggling companies and in some cases may seek control of businesses in restructurings, according to an investor presentation reviewed by Bloomberg. The sum is almost as much as the $19.4 billion in assets that Oaktree has already devoted to that strategy.