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Debevoise advises Oaktree Capital Management in closing of EUR1.8bn European fund

Law firm Debevoise & Plimpton has advised alternative investment manager Oaktree Capital Management on the formation and closing of OCM European Principal Opportunities Fund II, the fi

Law firm Debevoise & Plimpton has advised alternative investment manager Oaktree Capital Management on the formation and closing of OCM European Principal Opportunities Fund II, the firm’s second fund focused on opportunistic private equity and distress-for-control investments primarily in Europe.

The fund raised more than EUR1.8bn, up from the EUR1.25bn that Oaktree had originally sought, chairman Howard Marks (photo) told the Los Angeles Times, as a result of demand from contrarian investors eager to invest in funds targeting distressed firms at a time when many are shunning risky investments of all kinds.

The fund will buys the bonds of distressed companies cheaply and wait for their value to rise, and seek to gain control of companies by swapping debt for equity. Marks told the newspaper that opportunities were rife and promised high returns as long as the financial system remained intact.

The Debevoise team included partners Michael P. Harrell and Peter A. Furci, counsel Alicia C. McCarthy and associates Suzanne Dissinger and Jennifer Norman. Founded in 1931, Debevoise & Plimpton is an international law firm with offices in New York, Washington DC, London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai, and around 700 lawyers including more than 180 in Europe.

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