Oaktree closes $10.6B distressed fund

Add another $10 billion to the amount of cash flooding into distressed asset private equity funds as Oaktree Capital Management reportedly has reached the final close on its eighth fund with $10.6 billion, according to LBO Wire.

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Oaktree is the latest firm to raise a fund in anticipation of a steep rise in the number of distressed companies in light of the economic slowdown and the credit crunch. Other distressed megafunds to close this year include the $4 billion WLR Recovery Fund IV LP raised by Wilbur Ross and Invesco Ltd.; and a $1 billion limited partnership for Roark Capital. Meanwhile TPG Capital is reportedly raising a $6 billion fund for distressed financial assets. - George White

See Dealscape post on distressed investing
See Dealwatch on private equity fund-raising

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