The gain of an IPO without the pain


By Sarah Wood

Is it possible for an alternative asset manager to capture the benefits of an initial public offering without selling its super-secretive and entrepreneurial soul – or becoming saddled with onerous regulations?

Goldman Sachs and Oaktree Capital Management are well on their way to proving that it is – through the private and hitherto illiquid 144A market.

Oaktree founders Howard Marks and Bruce Karsh acknowledged in an offering memorandum distributed before the $42 billion distressed debt specialist’s landmark 144A offering last month that doing the deal in lieu an IPO might cost it the chance to reap “the