Hedge Funds Institutional Investors

Alaska taps Oaktree

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The $31 billion Alaska Permanent Fund Corporation board of trustees hired Oaktree Capital Management to manage a portion of the fund's distressed debt allocation.

The board committed $250 million to Oaktree's Opportunities Fund VIII, a fund that focuses on distressed debt opportunities. This new commitment does not increase the fund's 1% allocation to distressed debt, which included an allocation to Crestline.

In a related action, the board approved the transfer of $200 million of existing debt-based absolute return strategies from Crestline`s distressed opportunity mandate to Crestline`s $519 million absolute return mandate. This transfer of exposure will better align the