Houlihan Lokey is pleased to announce that Fifth Street Asset Management (FSAM) (NASDAQ:FSAM) has completed its previously announced transaction with Oaktree Capital Management, L.P. (Oaktree), an affiliate of Oaktree Capital Group LLC (NYSE:OAK), whereby Oaktree has become the new investment advisor to two business development companies formerly managed by FSAM. Gross cash consideration paid by Oaktree was $320 million. The transaction closed on October 17, 2017.
Oaktree has become the new investment advisor to two business development companies (BDCs): Oaktree Specialty Lending Corporation (NASDAQ:OCSL), previously Fifth Street Finance Corp. (NASDAQ:FSC), and Oaktree Strategic Income Corporation (NASDAQ:OCSI), previously Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR). FSAM ceased to be the investment advisor for FSC and FSFR upon the closing of the transaction, and FSC and FSFR will trade under the symbols OCSL and OCSI, respectively.
Prior to the closing of the asset sale to Oaktree, FSAM was a nationally recognized, credit-focused asset manager.
Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of September 30, 2017. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate, and listed equities. Headquartered in Los Angeles, California, the firm has over 900 employees and offices in 18 cities worldwide.