Oaktree Targets $2 Billion for First Asset-Backed Finance Fund

Oaktree Capital Management is looking to raise about $2 billion for an asset-backed lending product, according to people with knowledge of the matter, the latest firm to step into the void left by banks that are retreating from structured finance.

The $192 billion alternative investment manager plans to start fundraising efforts for its first Oaktree Asset-Backed Finance Fund, aiming to gain a foothold in the $5 trillion market for asset-backed debt, said the people, who asked not to be identified because they’re not authorized to speak about it.

Brendan Beer is among portfolio managers overseeing the fund, which will invest ...