Oak Hill Advisors, a New York investment management firm, said Monday that it has closed its distressed credit fund at $1.1 billion.
While investors in the OHA Strategic Credit Fund were not identified by name, a range of corporate and public pension plans, endowments, insurance companies and family offices committed capital, helping the fund exceed its initial target capital-raise of $750 million by more than 50%.
The OHA Strategic Credit Fund, which was formed in March 2008, will invest in distressed bond and bank debt, mirroring similar funds that have been launched by other private equity groups and investment banks like Deutsche Bank.
Oak Hill, which said it began deploying capital from the fund in October 2008, has fortified its corporate and distressed investment platform with several senior hires in the last 18 months.
