OakTree Capital Management, an $82 billion investment firm, announced its intention to focus more of its distressed debt investments in the European Union. The firm, which manages about $33 billion in distressed debt investments, cited lower US returns as its reason for shifting abroad, according to an article form Bloomberg..
In 2009, distressed investments worldwide generated an average 41.9% return, as calculated by the Hennessee Group LLC. In 2010, sector returns dropped to 15.5%. OakTree Capital decided to begin returning about $3 billion from one of its funds to investors in January, allowing them to decide whether they wanted to reinvest in one of OakTree’s new funds.
OakTree Capital Management was founded in 1995 by Howard Marks, Steve Kaplan, Richard Masson, Larry Keele and Sheldon Stone. The firm manages a range of strategies, including high-yield debt, convertibles, distressed debt, private equity, and real estate. |
