Oak Hill Advisors raises $2.7bn

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Oak Hill Advisors has raised $2.7 billion for its OHA Strategic Credit Fund II, according to a SEC filing. The New York-headquartered firm began fundraising in 2015 with a $2 billion target.

Its previous fund raised $1.3 billion in 2009.

Investors that committed to OHA Strategic Credit Fund II include the Teachers' Retirement System of Louisiana, the Alameda County Employees Retirement Association and the New York State Common Retirement Fund.

The fund will target distressed debt opportunities in a diverse number of sectors globally.