Oaktree Closes Loan Fund

Oaktree Capital Management has held a final closing of $4 billion on its Oaktree Loan Fund, which will buy debt from banks that are having trouble selling it to investors, a person familiar with the firm told LBO Wire. The fund reportedly had a $5 billion target. However, the person said the idea was always to raise between $3 billion and $5 billion, and though more capital could have been raised, the firm felt it was fairest to limit fund-raising to about six to eight weeks. www.oaktreecapital.com