Oaktree raises $8.4bn

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Oaktree Capital Management has raised $8.4 billion for its Oaktree Opportunities Fund Xb, according to a SEC filing. The Los Angeles-headquartered firm began fundraising in 2014 with a $7 billion target.

Its previous fund raised $5.1 billion in 2012.

Investors that committed to Oaktree Opportunities Fund Xb include the Washington State Investment Board, the Minnesota State Board of Investment and the Florida State Board of Administration.

The fund will target distressed debt opportunities in a diverse number of sectors in North America and Europe.