OAK - Oaktree Capital raises $4.7B for its eighth real estate fund exceeding target

Howard Marks' Oaktree Capital Management closes Oaktree Real Estate Opportunities Fund VIII and related vehicles with total capital commitments of ~$4.7B, representing Oaktree's largest real estate fundraise to date.Exceeds its original target of $3.5B."The Covid-19 pandemic has created a compelling set of credit-focused investment opportunities for our fund," said John Brady, portfolio manager and head of the Global Real Estate group at Oaktree Capital.To date, the fund has invested or committed ~$1.7B, or ~40% of its capital, in a combination of purchases of distressed real estate-relate securities made early in the pandemic, and more recently, relationship-based "rescue" financings for public and private real estate lenders and owners experiencing problems with their leverage.As a reminder, Brookfield Asset Management ([[BAM]] -0.3%) acquired a majority interest in Oaktree, including Oaktree Capital Group (OAK), in 2019.In recent weeks, there have been a crop of fundraising announcements by asset managers, including Blackstone Growth at $4.5B, Ares

For further details see:

Oaktree Capital raises $4.7B for its eighth real estate fund, exceeding target