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Oaktree Raises Record $2.4 Billion at First Close for Special Situations Fund

The downtown skyline in Los Angeles, California, US, on Friday, May 17, 2024. Even as many cities have returned to post-pandemic normalcy and employers have enacted stricter in-person work policies, office-rent growth in the central business districts of cities such as LA have lagged behind outlier areas, according to brokerage Savills.Photographer: Kyle Grillot/Bloomberg

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By Ryan Gould

February 11, 2026 at 11:33 PM UTC

Oaktree Capital Management LP has secured $2.4 billion in commitments for its latest fund focused on corporate special situations, according to people familiar with the matter, setting a firm record for that strategy.

The Los Angeles-based manager recently completed a first close for Oaktree Special Situations Fund IV, which had been targeting about $4 billion, the people said. The firm now expects to raise as much as $5 billion ahead of a final close later this year, the people added, asking not to be identified discussing confidential information.