Oaktree Capital Group reported its first quarter financial results on Tuesday and said that it has launched a commercial mortgage-backed securities investment fund.

Oaktree Real Estate Debt Fund, L.P. was launched with with a target of $500 million in capital commitments. REDF will invest in a diversified portfolio of real estate debt instruments, including CMBS, commercial first mortgages, subordinated secured debt, mezzanine loans, corporate debt and residential first mortgage pools. First closing for the fund is expected this summer.

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