Kirkland Advises Oaktree on Launch of Evergreen Direct Lending Strategy and First Close with $2.35 Billion in Committed Capital

Kirkland & Ellis advised Oaktree Capital Management, L.P. on the launch of Oaktree Direct Lending Evergreen Fund, L.P. (ODLE), an evergreen senior direct lending strategy for institutional clients. ODLE completed its first close with approximately $2.35 billion in committed capital, the vast majority from a wide range of global insurance companies. ODLE will primarily make senior secured loans to sponsor-backed, middle-market U.S. borrowers. On a selective basis, ODLE will also lend to large-cap and non-sponsor-backed borrowers in the U.S. and Europe on a first-lien, senior secured basis.

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The Kirkland team included investment funds lawyers Katrina Rowe, Lindsay Trapp and Erica Berthou.