a. advisory business
Oaktree Capital Management, L.P. (“Oaktree” or “we”) was founded in April 1995 and is a leader among global
investment managers specializing in alternative investments. Oaktree manages assets across a wide range of
investment strategies within four asset classes: Credit, Private Equity, Real Assets, and Listed Equities, described
more fully in Item 8 below.
Oaktree offers investment advisory services in the investment strategies more fully described in Item 8 below
to clients with separately managed accounts (“Managed Accounts”) and to private limited partnerships and other
investment vehicles (“Managed Funds”) for which either Oaktree or an affiliate acts as general partner and/or
investment manager. Our Managed Funds may include any separately managed accounts structured as a limited
partnership or limited liability company managed by us with the client as the limited partner or non-managing
member. Our Managed Accounts and Managed Funds are sometimes referred to in this brochure collectively as
“accounts” or “Oaktree Accounts.”
Clients establish Managed Accounts with Oaktree by depositing funds or securities into accounts maintained
by qualified independent custodians and granting Oaktree discretionary authority to invest such funds pursuant
to each client's investment needs, objectives, and restrictions as stated in each client's management agreement
and other account documentation with Oaktree. The investment objectives and restrictions of Managed Funds
are detailed in the relevant Managed Fund’s governing documents. The principal owners of Oaktree are Oaktree
Capital Group Holdings, L.P. and Oaktree Capital Management GP, LLC. References to Oaktree and we, as the
context requires, include non-U.S. affiliates that provide investment advisory services to accounts. Eight of those
affiliates are relying advisers of Oaktree and are more fully described under Item 10 below.
As of December
31, 2023, we managed $159,701,792,344 on a discretionary basis and $1,775,649,788 on a non-
discretionary basis.
b. brookfield asset management
Oaktree’s asset management business is indirectly controlled by Brookfield Oaktree Holdings, LLC (“BOH”)
(formerly known as Oaktree Capital Group, LLC) and Oaktree Capital Holdings, LLC (“OCH”) (formerly
known as Atlas OCM Holdings, LLC). A majority of Oaktree’s business is owned by Brookfield Corporation
and Brookfield Asset Management Ltd. (collectively, “Brookfield”) and the remainder is owned by current and
former Oaktree executives and employees. and certain related individuals and entities. Brookfield’s ownership
interest in Oaktree’s business is held through BOH, OCH and related entities. Brookfield and Oaktree operate
their respective investment businesses largely independently, with each operating under its own brand and led
by its existing management and investment teams, and Oaktree and Brookfield generally managing their
investment operations independently of each other subject to an information barrier between the firms. Oaktree
does not consider Brookfield or its affiliates to be its “advisory affiliates” or “related persons” for purposes of
this Form ADV. For more information regarding Brookfield and its affiliates, please refer to the Form ADV of
Brookfield affiliated investment advisers: Brookfield Public Securities Group LLC (CRD# 110497), Brookfield
Asset Management PIC Canada, LP (CRD# 151605), Brookfield Asset Management Private Institutional Capital
Adviser (Credit), LLC (CRD# 170811), Brookfield Asset Management PIC Adviser (Private Equity), L.P. (CRD#
171207), Brookfield Asset Management PIC U.S. LLC (CRD# 151599), Brookfield Asset Management PIC BMG,
LLC. (CRD# 312797), Brookfield Asset Management Reinsurance Advisor LLC (CRD# 312792), and Brookfield
Renewable Energy Group LLC (CRD# 316590).