Oaktree raises half a billion for its Asian acorns

Alternative investment firm Oaktree Capital Management has closed its first Asia-specific private equity fund. Named as the OCM Asia Principal Opportunities, it has raised $577 million.The fund has a 10-year life. Oaktree does not disclose target IRRs or fees, but says fees are at standard market levels. Investors in the fund are mostly North American-based, such as state pension funds and university endowments.Three commitments have already been made. Macau Studio City comprises of t…