Oak Hill Advisors raises European fund target

Recent US Securities and Exchange Commission filings indicate the firm, led by Glenn August (pictured) has raised $770m as it shoots for a newly-increased $1bn target.

Oak Hill Advisors has increased the target of its European strategic credit fund by $250 million, according to US Securities and Exchange Commission documents filed last Thursday.

The fund is now targeting $1 billion for investments in European distressed debt. Earlier documents filed in October of last year indicated that the firm was targeting $750 million. 

Oak Hill Advisors appears to be raising the fund through three separate vehicles; OHA European Strategic Credit Fund, which is incorporated in Delaware, and two offshore vehicles registered in the Cayman Islands. 

The three vehicles had raised a combined $770.8 million as of 24 May, according to the filings. Credit Suisse Securities is an associated broker / dealer on all three vehicles. 

Oak Hill did not respond to requests for comment at press time. 

The filings designate several members of Oak Hill’s senior team as general partners, including founder and chief executive officer Glenn August; president and senior partner William Bohnsack; and senior partners Scott Krase and Robert Okun. 

The fund has already received commitments from the Teachers’ Retirement System of LouisianaThe Oregon Investment Council and the Oregon Public Employees’ Retirement System.

In addition to distressed debt, Oak Hill also specialises in credit hedge funds, customised accounts, specialty funds and collateralised loan obligations. Last year, a General Atlantic-led group of investors acquired a minority stake in the firm for an undisclosed amount. Robert Bass, one of Oak Hill’s co-founders, invested alongside General Atlantic. 

Oak Hill manages around $13 billion in capital. The firm maintains offices in New York, Fort Worth, London and Sydney.