UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A |
Amendment No. 2 |
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 8, 2013
Oaktree Capital Group, LLC (Exact name of registrant as specified in its charter) | ||
Delaware | 001-35500 | 26-0174894 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
333 South Grand Avenue, 28th Floor Los Angeles, California | 90071 | |||
(Address of principal executive offices) | (Zip Code) |
(213) 830-6300
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events. |
This Current Report on Form 8-K/A is being filed to remove an extraneous column of numbers without a heading inadvertently included within the “Closed-end Funds” table in the press release that was attached as Exhibit 99.1 to the Current Report on Form 8-K filed on February 14, 2013, as amended by the Current Report on Form 8-K/A filed on February 15, 2013 (the “Original Current Report”). No other changes have been made to the press release that was attached as Exhibit 99.1 to the Original Current Report.
A corrected version of the “Closed-end Funds” table, with the extraneous column of numbers removed, appears below. No other changes have been made to the version of such table included in Exhibit 99.1 to the Original Current Report.
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Closed-end Funds
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Period | Total Committed Capital | Drawn Capital (1) | Fund Net Income Since Inception | Distri-butions Since Inception | Net Asset Value | Management Fee-Generating AUM | Oaktree Segment Incentive Income Recog-nized | Accrued Incentives (Fund Level) (2) | Unreturned Drawn Capital Plus Accrued Preferred Return (3) | IRR Since Inception (4) | Multiple of Drawn Capital (5) | ||||||||||||||||||||||||||||||||||||
Start Date | End Date | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Distressed Debt | |||||||||||||||||||||||||||||||||||||||||||||||
TCW Special Credits Fund I, L.P. (6) | Oct. 1988 | Oct. 1991 | $ | 97 | $ | 97 | $ | 121 | $ | 218 | $ | — | $ | — | $ | — | $ | — | $ | — | 29.0 | % | 24.7 | % | 2.3x | ||||||||||||||||||||||
TCW Special Credits Fund II, L.P. (6) | Jul. 1990 | Jul. 1993 | 261 | 261 | 505 | 766 | — | — | — | — | — | 41.6 | 35.7 | 3.1 | |||||||||||||||||||||||||||||||||
TCW Special Credits Fund IIb, L.P. (6) | Dec. 1990 | Dec. 1993 | 153 | 153 | 323 | 476 | — | — | — | — | — | 44.0 | 37.9 | 3.1 | |||||||||||||||||||||||||||||||||
TCW Special Credits Fund III, L.P. (6) | Nov. 1991 | Nov. 1994 | 329 | 329 | 470 | 799 | — | — | — | — | — | 26.2 | 22.1 | 2.5 | |||||||||||||||||||||||||||||||||
TCW Special Credits Fund IIIb, L.P. (6) | Apr. 1992 | Apr. 1995 | 447 | 447 | 459 | 906 | — | — | — | — | — | 21.2 | 17.9 | 2.1 | |||||||||||||||||||||||||||||||||
TCW Special Credits Fund IV, L.P. (6) | Jun. 1993 | Jun. 1996 | 394 | 394 | 462 | 856 | — | — | — | — | — | 21.1 | 17.3 | 2.2 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund, L.P. | Oct. 1995 | Oct. 1998 | 771 | 771 | 568 | 1,339 | — | — | 74 | — | — | 12.4 | 10.2 | 1.8 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund II, L.P. | Oct. 1997 | Oct. 2000 | 1,550 | 1,550 | 989 | 2,539 | — | — | 197 | — | — | 11.0 | 8.5 | 1.7 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund III, L.P. | Sep. 1999 | Sep. 2002 | 2,077 | 2,077 | 1,287 | 3,335 | 28 | — | 248 | 6 | — | 15.4 | 11.9 | 1.7 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund IV, L.P. | Sep. 2001 | Sep. 2004 | 2,125 | 2,125 | 1,727 | 3,845 | 7 | — | 340 | 1 | — | 35.0 | 28.1 | 1.9 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund IVb, L.P. | May 2002 | May 2005 | 1,339 | 1,339 | 1,260 | 2,596 | 3 | — | 248 | 1 | — | 57.8 | 47.3 | 2.0 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund V, L.P. | Jun. 2004 | Jun. 2007 | 1,179 | 1,179 | 917 | 1,905 | 191 | 254 | 142 | 38 | — | 18.6 | 14.2 | 1.9 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund VI, L.P. | Jul. 2005 | Jul. 2008 | 1,773 | 1,773 | 1,155 | 2,073 | 855 | 920 | 76 | 149 | 638 | 11.8 | 8.5 | 1.7 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund VII, L.P. | Mar. 2007 | Mar. 2010 | 3,598 | 3,598 | 1,379 | 3,442 | 1,535 | 1,588 | 9 | 61 | 1,461 | 10.8 | 8.1 | 1.5 | |||||||||||||||||||||||||||||||||
OCM Opportunities Fund VIIb, L.P. | May 2008 | May 2011 | 10,940 | 9,844 | 8,555 | 12,804 | 5,595 | 4,963 | 530 | 1,132 | — | 23.7 | 18.0 | 1.9 | |||||||||||||||||||||||||||||||||
Special Account A | Nov. 2008 | Oct. 2012 | 253 | 253 | 271 | 260 | 264 | 203 | 5 | 48 | 55 | 31.9 | 25.7 | 2.1 | |||||||||||||||||||||||||||||||||
Oaktree Opportunities Fund VIII, L.P. | Oct. 2009 | Oct. 2012 | 4,507 | 4,507 | 1,179 | 489 | 5,198 | 4,403 | — | 230 | 4,799 | 14.7 | 9.7 | 1.3 | |||||||||||||||||||||||||||||||||
Special Account B | Nov. 2009 | Nov. 2012 | 1,031 | 1,060 | 294 | 155 | 1,199 | 1,163 | — | 13 | 1,112 | 15.9 | 14.9 | 1.3 | |||||||||||||||||||||||||||||||||
Oaktree Opportunities Fund VIIIb, L.P. | Aug. 2011 | Aug. 2014 | 2,692 | 2,019 | 143 | 1 | 2,161 | 2,625 | — | 27 | 2,121 | 16.9 | 9.0 | 1.1 | |||||||||||||||||||||||||||||||||
Oaktree Opportunities Fund IX, L.P. | TBD | — | 4,964 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
22.9 | % | 17.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Global Principal Investments | |||||||||||||||||||||||||||||||||||||||||||||||
TCW Special Credits Fund V, L.P. (6) | Apr. 1994 | Apr. 1997 | $ | 401 | $ | 401 | $ | 349 | $ | 750 | $ | — | $ | — | $ | — | $ | — | $ | — | 17.2 | % | 14.6 | % | 1.9x | ||||||||||||||||||||||
OCM Principal Opportunities Fund, L.P. | Jul. 1996 | Jul. 1999 | 625 | 625 | 282 | 907 | — | — | — | — | — | 6.4 | 5.4 | 1.5 | |||||||||||||||||||||||||||||||||
OCM Principal Opportunities Fund II, L.P. | Dec. 2000 | Dec. 2005 | 1,275 | 1,275 | 1,208 | 2,455 | 27 | — | 231 | 5 | — | 23.3 | 17.8 | 2.0 | |||||||||||||||||||||||||||||||||
OCM Principal Opportunities Fund III, L.P. | Nov. 2003 | Nov. 2008 | 1,400 | 1,400 | 952 | 1,762 | 590 | 574 | 42 | 144 | 200 | 15.0 | 10.5 | 1.8 | |||||||||||||||||||||||||||||||||
OCM Principal Opportunities Fund IV, L.P. | Oct. 2006 | Oct. 2011 | 3,328 | 3,328 | 1,041 | 1,642 | 2,728 | 2,339 | — | — | 3,068 | 8.8 | 6.3 | 1.4 | |||||||||||||||||||||||||||||||||
Oaktree Principal Fund V, L.P. | Feb. 2009 | Feb. 2014 | 2,827 | 2,021 | 318 | 84 | 2,257 | 2,756 | — | 16 | 2,235 | 15.2 | 8.1 | 1.3 | |||||||||||||||||||||||||||||||||
Special Account C | Dec. 2008 | Feb. 2014 | 505 | 414 | 202 | 65 | 550 | 355 | 9 | 31 | 432 | 21.7 | 15.9 | 1.5 | |||||||||||||||||||||||||||||||||
13.3 | % | 9.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asia Principal Investments | |||||||||||||||||||||||||||||||||||||||||||||||
OCM Asia Principal Opportunities Fund, L.P. | May 2006 | May 2011 | $ | 578 | $ | 503 | $ | 13 | $ | 60 | $ | 456 | $ | 361 | $ | — | $ | — | $ | 622 | 5.1 | % | 0.6 | % | 1.2x | ||||||||||||||||||||||
European Principal Investments (7) | |||||||||||||||||||||||||||||||||||||||||||||||
OCM European Principal Opportunities Fund, L.P. | Mar. 2006 | Mar. 2009 | $ | 495 | $ | 460 | $ | 330 | $ | 159 | $ | 632 | $ | 370 | $ | 1 | $ | 45 | $ | 573 | 10.8 | % | 8.3 | % | 1.8x | ||||||||||||||||||||||
OCM European Principal Opportunities Fund II, L.P. | Dec. 2007 | Dec. 2012 | € | 1,759 | € | 1,685 | € | 318 | € | 245 | € | 1,759 | € | 1,545 | € | 12 | € | — | € | 1,868 | 10.5 | 6.3 | 1.3 | ||||||||||||||||||||||||
Oaktree European Principal Fund III, L.P. | Nov. 2011 | Nov. 2016 | € | 3,164 | € | 1,186 | € | 25 | € | 3 | € | 1,208 | € | 3,083 | € | — | € | — | € | 1,255 | 12.1 | 2.7 | 1.1 | ||||||||||||||||||||||||
10.8 | % | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Power Opportunities | |||||||||||||||||||||||||||||||||||||||||||||||
OCM/GFI Power Opportunities Fund, L.P. | Nov. 1999 | Nov. 2004 | $ | 449 | $ | 383 | $ | 251 | $ | 634 | $ | — | $ | — | $ | 23 | $ | — | $ | — | 20.1 | % | 13.1 | % | 1.8x | ||||||||||||||||||||||
OCM/GFI Power Opportunities Fund II, L.P. | Nov. 2004 | Nov. 2009 | 1,021 | 541 | 1,460 | 1,888 | 113 | 39 | 93 | 7 | — | 76.4 | 59.2 | 3.9 | |||||||||||||||||||||||||||||||||
Oaktree Power Opportunities Fund III, L.P. | Apr. 2010 | Apr. 2015 | 1,062 | 303 | 49 | 5 | 347 | 1,036 | — | 9 | 325 | 31.1 | 11.7 | 1.3 | |||||||||||||||||||||||||||||||||
35.3 | % | 27.4 | % |
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As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Period | Total Committed Capital | Drawn Capital (1) | Fund Net Income Since Inception | Distri-butions Since Inception | Net Asset Value | Management Fee-Generating AUM | Oaktree Segment Incentive Income Recog-nized | Accrued Incentives (Fund Level) (2) | Unreturned Drawn Capital Plus Accrued Preferred Return (3) | IRR Since Inception (4) | Multiple of Drawn Capital (5) | |||||||||||||||||||||||||||||||||||||
Start Date | End Date | Gross | Net | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||
TCW Special Credits Fund VI, L.P. (6) | Aug. 1994 | Aug. 1997 | $ | 506 | $ | 506 | $ | 666 | $ | 1,172 | $ | — | $ | — | $ | — | $ | — | $ | — | 21.1 | % | 17.4 | % | 2.4x | |||||||||||||||||||||||
OCM Real Estate Opportunities Fund A, L.P. | Feb. 1996 | Feb. 1999 | 379 | 379 | 295 | 665 | 9 | — | 56 | 4 | — | 10.5 | 8.4 | 1.9 | ||||||||||||||||||||||||||||||||||
OCM Real Estate Opportunities Fund B, L.P. | Mar. 1997 | Mar. 2000 | 285 | 285 | 172 | 455 | 2 | — | — | — | 52 | 8.2 | 7.1 | 1.7 | ||||||||||||||||||||||||||||||||||
OCM Real Estate Opportunities Fund II, L.P. | Dec. 1998 | Dec. 2001 | 464 | 440 | 266 | 705 | 1 | — | 52 | — | — | 15.2 | 11.1 | 1.7 | ||||||||||||||||||||||||||||||||||
OCM Real Estate Opportunities Fund III, L.P. | Sep. 2002 | Sep. 2005 | 707 | 707 | 651 | 1,223 | 135 | — | 102 | 27 | — | 15.9 | 11.9 | 2.0 | ||||||||||||||||||||||||||||||||||
Oaktree Real Estate Opportunities Fund IV, L.P. | Dec. 2007 | Dec. 2011 | 450 | 450 | 232 | 183 | 499 | 353 | 6 | 37 | 402 | 17.4 | 11.2 | 1.6 | ||||||||||||||||||||||||||||||||||
Special Account D | Nov. 2009 | Nov. 2012 | 256 | 262 | 107 | 119 | 250 | 166 | — | 11 | 211 | 16.8 | 15.0 | 1.4 | ||||||||||||||||||||||||||||||||||
Oaktree Real Estate Opportunities Fund V, L.P. | Mar. 2011 | Mar. 2015 | 1,283 | 1,283 | 167 | 23 | 1,427 | 1,251 | — | 32 | 1,379 | 15.2 | 9.5 | 1.2 | ||||||||||||||||||||||||||||||||||
Oaktree Real Estate Opportunities Fund VI, L.P. (8) | Aug. 2012 | Aug. 2016 | 255 | 178 | (2 | ) | — | 176 | 235 | — | — | 182 | nm | nm | 1.0 | |||||||||||||||||||||||||||||||||
15.4 | % | 11.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Asia Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||
Oaktree Asia Special Situations Fund, L.P. | May 2008 | Apr. 2009 | $ | 50 | $ | 19 | $ | 10 | $ | — | $ | 29 | $ | — | $ | — | $ | 1 | $ | 27 | 16.1 | % | 8.4 | % | 1.8x | |||||||||||||||||||||||
PPIP | ||||||||||||||||||||||||||||||||||||||||||||||||
Oaktree PPIP Fund, L.P. (9) | Dec. 2009 | Dec. 2012 | $ | 2,322 | $ | 1,113 | $ | 412 | $ | 672 | $ | 852 | $ | 565 | (10) | $ | — | $ | 48 | (11) | $ | 229 | (11) | 30.2 | % | N/A | 1.4x | |||||||||||||||||||||
Mezzanine Finance | ||||||||||||||||||||||||||||||||||||||||||||||||
OCM Mezzanine Fund, L.P. (12) | Oct. 2001 | Oct. 2006 | $ | 808 | $ | 773 | $ | 280 | $ | 1,038 | $ | 15 | $ | — | $ | 32 | $ | 3 | $ | — | 14.3 | % | 10.7% /10.1% | 1.4x | ||||||||||||||||||||||||
OCM Mezzanine Fund II, L.P. | Jun. 2005 | Jun. 2010 | 1,251 | 1,107 | 411 | 1,125 | 393 | 541 | — | — | 444 | 10.5 | 7.3 | 1.5 | ||||||||||||||||||||||||||||||||||
Oaktree Mezzanine Fund III, L.P. (13) | Dec. 2009 | Dec. 2014 | 1,592 | 1,097 | 46 | 234 | 910 | 1,552 | — | — | 982 | 10.2 | 9.4 / (12.7) | 1.1 | ||||||||||||||||||||||||||||||||||
11.8 | % | 7.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Senior Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Oaktree Loan Fund, L.P. | Sep. 2007 | Sep. 2012 | $ | 2,193 | $ | 2,193 | $ | 95 | $ | 2,288 | $ | — | $ | — | N/A | N/A | N/A | 2.5 | % | 1.9 | % | 1.1x | ||||||||||||||||||||||||||
Oaktree Loan Fund, 2x, L.P. | Sep. 2007 | Sep. 2015 | 1,722 | 1,722 | 98 | 1,653 | 167 | 165 | N/A | N/A | N/A | 2.7 | 1.9 | 1.1 | ||||||||||||||||||||||||||||||||||
Oaktree Enhanced Income Fund, L.P. (8) | Sep. 2012 | Aug. 2015 | 362 | 205 | 6 | — | 211 | 549 | (14) | N/A | N/A | N/A | nm | nm | 1.0 | |||||||||||||||||||||||||||||||||
35,428 | (15) | 2,126 | (15) | |||||||||||||||||||||||||||||||||||||||||||||
Other (16) | 322 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total closed-end funds | $ | 35,750 | $ | 2,127 |
(1) | Reflects the capital contributions of investors in the fund, net of any distributions to such investors of uninvested capital. |
(2) | Excludes Oaktree segment incentive income recognized since inception. |
(3) | Reflects the amount the fund needs to distribute to its investors as a return of capital and a preferred return (as applicable) before Oaktree is entitled to receive incentive income (other than tax distributions) from the fund. |
(4) | The internal rate of return ("IRR") is the annualized implied discount rate calculated from a series of cash flows. It is the return that equates the present value of all capital invested in an investment to the present value of all returns of capital, or the discount rate that will provide a net present value of all cash flows equal to zero. Fund-level IRRs are calculated based upon the actual timing of cash distributions to investors and the residual value of such investor's capital accounts at the end of the applicable period being measured. Gross IRRs reflect returns before allocation of management fees, expenses and any incentive allocation to the fund's general partner. Net IRRs reflect returns to non-affiliated investors after allocation of management fees, expenses and any incentive allocation to the fund's general partner. |
(5) | Calculated as Drawn Capital plus gross income before fees and expenses divided by Drawn Capital. |
(6) | The fund was managed by certain Oaktree investment professionals while employed at the Trust Company of the West prior to Oaktree's founding in 1995. When these employees joined Oaktree upon, or shortly after, its founding, they continued to manage the fund through the end of its term pursuant to a sub-advisory relationship between the Trust Company of the West and Oaktree. |
(7) | Aggregate IRRs based on conversion of OCM European Principal Opportunities Fund II, L.P. and Oaktree European Principal Fund III, L.P. cash flows from Euros to USD at the December 31, 2012 spot rate of $1.3184. |
(8) | The IRR is not considered meaningful (“nm”) as the period from the initial contribution through December 31, 2012 is less than one year. |
(9) | Due to the differences in allocations of income and expenses to this fund's two primary limited partners, the United States Treasury and Oaktree PPIP Private Fund, L.P., a combined net IRR is not presented. Of the $2,322 million in capital commitments, $1,161 million relates to the Oaktree PPIP Private Fund, L.P. The gross and net IRR for the Oaktree PPIP Private Fund, L.P. were 27.1% and 19.8%, respectively, as of December 31, 2012. |
(10) | The United States Treasury incurs management fees for the Oaktree PPIP Fund, L.P., paid quarterly in arrears, based on their Interest Value as of December 31, 2012. Limited Partners of the Oaktree PPIP Private Fund, L.P. incur management fees based on Invested Capital as of December 31, 2012 totaling $210.4 million, paid quarterly in advance. |
(11) | Represents amounts related to the Oaktree PPIP Private Fund, L.P. only. |
(12) | The fund's partnership interests are divided into Class A and Class B interests, with the Class A interests having priority with respect to the distribution of current income and disposition proceeds. Net IRR for Class A interests is 10.7% and Class B interests is 10.1%. Combined net IRR for the Class A and Class B interests is 10.4%. |
(13) | The fund's partnership interests are divided into Class A and Class B interests, with the Class A interests having priority with respect to the distribution of current income and disposition proceeds. Net IRR for Class A interests is 9.4% and Class B interests is (12.7)%. Combined net IRR for Class A and Class B interests is 4.2%. |
(14) | Represents gross assets, including leverage of $353 million. |
(15) | Euro amounts were translated at 1.3184 U.S. dollars to 1 Euro in calculating totals. |
(16) | Includes separate accounts and a non-Oaktree fund. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 8, 2013 | OAKTREE CAPITAL GROUP, LLC | |||||
By: | /s/ David M. Kirchheimer | |||||
Name: David M. Kirchheimer | ||||||
Title: Chief Financial Officer, Chief Administrative Officer and Principal |
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