Los Angeles-based Oaktree Capital Management has opened a new office in Sydney to seize investment opportunities across Australia and New Zealand, according to a statement.
Byron Beath, who was previously group director at Macquarie Bank, has been newly appointed by Oaktree to lead investment activities in the region.
He joined the firm this year to head its Global Principal Group in ANZ after working for 15 years at Macquarie, where he was most recently a director in the corporate and asset finance division.
Matt Wilson, managing director and co-portfolio manager of Oaktree’s Global Principal Group said: “Oaktree has strong relationships and a long history of investing in Australia and New Zealand. Establishing an office in Sydney was the logical next step in increasing our exposure in the region. We are excited to have Byron on board to lead our efforts and are proud to formalise our presence here.”
The distressed debt specialist has $97.4 billion of assets under management and in addition to Sydney has offices in the region in Beijing, Hong Kong, Seoul, Singapore, Shanghai and Tokyo.
Some of its investors include Australia’s Future Fund, the Kentucky Teachers’ Retirement System, Los Angeles City Employees' Retirement System, Washington State Investment Board and Minnesota State Board of Investment, according to PEI Research & Analytics.
Future Fund had invested about 3.5 percent of its private equity portfolio to the firm’s various asset classes including distressed debt and high yield bonds. Last year, Future Fund trimmed back its allocation to alternatives in a bid to rebalance its portfolio.
In December, Oaktree’s former head of mezzanine strategies, Bill Sacher moved to Adams Street Partners to launch a new private credit business.