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Oaktree confirms $10B fund raise

Oct. 30, 2014 12:19 PM ETOaktree Capital Group, LLC (OAK) StockOAKBy: Stephen Alpher, SA News Editor
  • Speaking on the earnings call, Oaktree Capital (OAK -1.7%) management confirms it's raising $10B for a distressed fund with plans to sit on most of it ($7B) until a sizable market reversal makes for tastier opportunities.
  • Oaktree's John Frank three months ago: “Aggressive extensions of credit of the sort we’re seeing today have always been a precursor to a substantial distressed-debt opportunity.”
  • As for now, markets are in a virtuous cycle, says Howard Marks, and default rates should remain low going forward. On the hiring of AIG's Jay Wintrob as CEO, the move isn't necessarily "insurance-oriented," says Marks.
  • Previously: Oaktree Capital Group misses by $0.11, misses on revenue

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Oaktree Capital Group, LLC