Oaktree Capital looks to raise $15 bln for distressed debt fund -sources

U.S. distressed asset manager Oaktree Capital Management is looking to raise $15 billion for a distressed fund, two people familiar with the matter said on Wednesday. The new fund comes at a time when disruptions caused by the novel coronavirus outbreak have led to a plunge in company valuations, allowing big distressed debt funds to potentially snap up assets cheaply.

Oaktree did not immediately respond to a request for comment. The news was first reported by Bloomberg on Wednesday.