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Laxman Pai, Opalesque Asia: Los Angeles-based Oaktree Capital Management closed its largest real estate fund, Oaktree Real Estate Opportunities Fund VIII (ROF VIII), and related vehicles with about $4.7 billion. The funding vehicle exceeded its original target of $3.5 billion.
ROF VIII already has invested or committed roughly $1.7 billion in distressed real estate-related securities - made earlier in the pandemic - and more recently in financing public and private real estate lenders and owners that were experiencing debt problems.
ROF VIII will mostly be buying debt secured by a combination of commercial and residential assets in the US, Europe, and Asia.
Oaktree's real estate strategies, with over $11 billion in assets under management as of December 31, 2020, target a diverse range of investments across the real estate risk and return spectrum, including performing debt, core-plus, and opportunistic strategies, said a press release from the global investment manager.
"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. "We're very thankful for the support and confidence we've received for our opportunistic, yet the risk-controlled approach to investing."
Investors in the fund include the $15.7 billion Ohio Police & Fire Pension Fund, Columbus; $9.7 billion San Diego City Employees' Retirement System; and $5.8 billion ...................... To view our full article Click here
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