Oak Hill Closes $1.1bn Distressed Asset Fund

Investment management firm Oak Hill Advisors closed its distressed asset fund, OHA Strategic Credit Fund, after raising $1.125bn in capital, the company announced Monday. The fund was formed in March 2008 and began investing in October of the same year. The initial target of $750m was exceeded by more than 50% due to increased investor interest. The fund’s domestic and international investors include corporate and public pension plans, endowments, insurance companies and family offices, Oak Hill Advisors said. The firm said it made several senior hires over the past 18 months to focus on corporate and structured product distressed assets investment opportunities. “My partners and I are excited about the opportunities available in the distressed market and we are grateful for the favorable response from our investors,” said Oak Hill Advisors president and senior partner Glenn August. “For nearly 20 years, our team has worked hard to build confidence among our investors and establish a track record of success, which has allowed us to raise this capital during challenging market conditions,” he added. Write to Austin Kilgore.