Oaktree Capital Management

It is a perpetually offered, non-traded business development company (BDC) regulated under the Investment Company Act of 1940. The fund continuously accepts subscriptions on a monthly basis and provides quarterly liquidity through a share repurchase plan, subject to a 5% cap on outstanding shares (per firm website). This structure is designed to offer individual investors a more accessible entry into private credit compared to traditional drawdown funds.

The fund dynamically allocates its portfolio based on market conditions. In benign markets, it targets roughly 70% in private loans — including sponsored, non-sponsored, and opportunistic lending — to generate income. During periods of significant stress, it can increase allocations to discounted public debt such as high-yield bonds and senior loans, up to a 30% limit, to capture total-return opportunities from dislocation (per firm website).

Armen Panossian is the named portfolio manager introducing and explaining the fund's strategy (per firm website). The fund's adviser, Oaktree Fund Advisors, LLC, draws on the broader resources of Oaktree Capital Management, L.P., which has managed credit investments for over three decades.

The strategy covers three categories: sponsored financings for private equity-backed companies, non-sponsored loans to primarily founder-owned businesses that may lack bank access, and opportunistic lending to companies needing tailored solutions during market disruptions. Sectors referenced include software, healthcare, and energy (per firm website).

The minimum initial investment ranges from $2,500 for certain share classes to $1,000,000 for institutional shares. The management fee is 1.25% per annum of NAV. Incentive fees consist of 12.5% of net investment income above a 5% hurdle, and 12.5% of realized capital gains net of losses. Additional shareholder servicing fees vary by share class, up to 0.85% annually (per firm website).

Liquidity is provided through quarterly tender offers, which are expected but not guaranteed and subject to board discretion. Repurchases are capped at 5% of outstanding shares per quarter. Shares held for less than one year incur a 2% early repurchase deduction. The fund can suspend or modify the repurchase plan entirely (per firm website).

The fund is advised by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. Oaktree Capital Management is a global alternative investment firm headquartered in Los Angeles, providing the credit expertise and origination platform that underpins the fund's strategy (per firm website).