Oaktree Capital Group (NYSE: OAK-PA) is an alternative investment management company that manages capital across credit, private equity, real assets, and listed equities strategies. Revenue comes from two sources: management fees charged on AUM and incentive fees (carried interest) earned when funds exceed performance thresholds. Oaktree is a subsidiary of Brookfield Asset Management, having merged with Brookfield in 2019. As of December 31, 2025, Oaktree managed $222.8 billion in AUM, up from $201.8 billion as of December 31, 2024, across closed-end funds ($117.6B), open-end funds ($55.1B), evergreen funds ($29.8B), and pro rata AUM from minority investments including DoubleLine Capital LP ($20.3B). Oaktree holds a majority interest in 17Capital LLP and minority interests in DoubleLine Capital LP and Duration Capital LP. The firm deploys capital through strategies including CLOs, real estate debt, special situations, asset-backed finance, and power opportunities.

Revenue model

Management fees assessed on AUM across fund vehicles, plus incentive fees tied to fund performance above contractual hurdles. Fee rates vary by asset class and fund strategy. Large capital commitments from certain clients can qualify for reduced fee terms at Oaktree's discretion.

Products and services

Closed-end funds (including CLOs, Special Situations Fund IV, Asset-backed Finance Fund, Power Opportunities Fund VII, Real Estate Debt Fund IV, Real Estate Opportunities Fund IX, Oaktree Lending Partners), open-end funds, evergreen funds, business development companies, and SPACs. Also includes fund products managed by majority-owned 17Capital LLP (17Capital Preferred Fund 6, 17Capital Credit Fund 2) and pro rata AUM from minority-owned DoubleLine Capital LP and Duration Capital LP.

Customers and end markets

Institutional investors including state and local government pension funds and sovereign wealth funds. The filing references SEC pay-to-play regulations governing solicitation of government entity clients, indicating public pension funds are a material customer segment.

Value-chain role

Investment manager and general partner. Oaktree raises capital from institutional limited partners, deploys it across credit and alternative asset strategies, and charges fees on managed assets and realized performance.

Geographic exposure

Operations span the U.S. and international markets including the EU and UK, based on regulatory disclosures covering GDPR, UK GDPR, and U.S. federal and state privacy laws. Specific revenue by geography is not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-24

Industry: Investment Advice