New York commits $200m to Oaktree

New York State Common Retirement Fund made a re-up commitment to Howard Marks-led Oaktree Capital Management’s Opportunities Fund VIII.

The New York State Common Retirement Fund recently completed a $200 million re-up investment to Oaktree Capital Management’s eighth fund. 

New York Common's $200 million commitment is split between Oaktree’s Opportunities Fund VIII and Fund VIIIb. The commitments closed 30 September. No placement agents were used.

Howard
Marks

Oaktree’s eighth fund is split into a Fund A and Fund B structure, similar to what the firm did with its seventh fund. Fund A will likely be capped at $4 billion and invested first. Fund B would serve as an “overflow” reservoir of capital, would not be capped, and would not incur management fees unless and until capital is drawn, according to documents from the Oregon Investment Council, which committed to the fund earlier this year.

In September, the $124.8 billion NYCRF committed $300 million to Blackstone’s sixth fund. Blackstone, which had originally anticipated closing Fund VI in June of this year, has said it is waiting on a few last LPs to confirm commitments before holding a final close.