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Oaktree gathers $700m for new emerging markets fund

17 Sep 2013

dollar4_sqPrivate equity firm Oaktree Capital Management has reportedly raised $700m for its latest emerging markets-focused distressed debt fund.

Oaktree’s new vehicle will be managed by Julio Herrera, who joined the firm from South African family office Fintech, said the Financial Times.

The fund will spend most of its money on bonds and will also provide rescue finance and invest in special situations where the offer of debt may include taking equity warrants, said the report, citing investor sources.

The report said that headwinds from slower growth in China and tapering in the US are taking their toll in emerging markets such as Brazil, India, South Africa and Turkey.

It noted that some bonds funds have recently suffered big losses in Mexico, not due to the situation in the country but because the market there is relatively more liquid.

Oaktree and Apollo have recently sold £200m worth of shares in UK real estate agency Countrywide following the company’s IPO earlier this year.

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