Oaktree, China Cinda form distressed assets JV
Oaktree Capital Group has entered into a joint venture with China Cinda Asset Management Corp. that will see the two groups invest in distressed assets in China. Cinda was originally set up to absorb non-performing loans (NPLs) from China’s Big Four state-owned banks, so the partnership could theoretically offer Oaktree access to assets that foreign investors have found it difficult to quantify, let alone invest in.
Cinda is poised to raise as much as $2.46 billion through a Hong Kong IPO and Oaktree is one of 10 cornerstone investors that have agreed to cover up to 44% of the offering. The joint venture, which...
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