Oak Hill closes $1.1bn credit fund

The private investment firm's distressed debt fund was 50% oversubscribed.

Oak Hill Advisors has raised $1.125 billion to invest in stressed and distressed loans, bonds and other investments.

The Oak Hill Capital Partners debt affiliate said investor interest in the OHA Strategic Credit Fund exceeded the firm’s initial target of $750 million by more than 50 percent. 

Fundraising began in March 2008, and the fund started investing in October 2008.

In the past 18 months, the firm has made several senior hires focusing on corporate and structured product distressed assets.

Oak Hill Capital, the mid-market buyout firm, closed its second fund on $3.8 billion in June.

Robert Bass, a US billionaire whose father was a wealthy Texas oil tycoon, founded Oak Hill as his private investment vehicle in the 1980s. In 1999, Bass launched Oak Hill’s first institutional private equity fund, raising $1.6 billion.

Oak Hill Advisors has $11.5 billion of committed capital, including hedge funds, long only funds and other specialty credit products. The firm has offices in New York, London and Fort Worth, Texas.