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Oaktree fundraising efforts continue with $670m for real estate debt

30 Apr 2014

real estate2_lrg,jpgListed private equity major Oaktree Capital has pulled in more than $670m for a new real estate private debt vehicle as its fundraising activities continue apace.

The firm has gathered the commitments from 30 LPs according to a filing with the US securities regulator, which shows it received its first pledge in July last year.

Those commitments include $75m from the Orange County Employees Retirement System.

Oaktree’s debt raise follows the firm collecting $2.3bn for its latest Real Estate Opportunities Fund in November last year, smashing its $1.5bn target.

The firm also revealed at the time that it had pulled in more than $450m for its Emerging Markets Opportunity fund, while a close for its European Private Debt strategy in October brought capital commitments to $753m.

Its adjusted net income rose $21.9m year-on-year in the third quarter to $179.6m, while revenues grew 19 per cent to $361.6m.

Oaktree said the latter was attributable to a 107 per cent gain in incentive income to $122.4m from $59.2m.

The firm’s fundraising ambitions were added to in February when it launched its fourth mezzanine fund, AltAssets revealed at the time.

Oaktree Mezzanine Fund IV does not have a placement agent and has yet to register its first commitment, according to a separate document filed with the US Securities and Exchange Commission.

The firm did not reveal the fund’s target in the filing, but it’s likely to be similar to its two previous mezzanine vehicle’s which raised $1.59bn and $1.25bn in 2009 and 2005, respectively.

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