Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
OAKTREE STRATEGIC CREDIT FUND
(Name of Issuer)
Class I Common Shares of Beneficial Interest, $0.01 par value per share
(Title of Class of Securities)
None
(CUSIP Number)
Todd E. Molz
General Counsel, Chief Administrative Officer & Managing Director
Oaktree Capital Group Holdings GP, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California 90071
(213) 830-6300
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 7, 2022
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. None | SCHEDULE 13D | Page 2 of 18 |
1 |
NAME OF REPORTING PERSON
Oaktree Fund GP I, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
PN |
(1) | In its capacity as the direct owner of 4,000,000 Class I Common Shares. |
CUSIP No. None | SCHEDULE 13D | Page 3 of 18 |
1 |
NAME OF REPORTING PERSON
Oaktree Capital I, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
PN |
(1) | Solely in its capacity as the general partner of Oaktree Fund GP I, L.P. |
CUSIP No. None | SCHEDULE 13D | Page 4 of 18 |
1 |
NAME OF REPORTING PERSON
OCM Holdings I, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
OO |
(1) | Solely in its capacity as the general partner of Oaktree Capital I, L.P. |
CUSIP No. None | SCHEDULE 13D | Page 5 of 18 |
1 |
NAME OF REPORTING PERSON
Oaktree Holdings, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
OO |
Solely in its capacity as the managing member of OCM Holdings I, LLC.
CUSIP No. None | SCHEDULE 13D | Page 6 of 18 |
1 |
NAME OF REPORTING PERSON
Oaktree Capital Group, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
OO |
(1) | Solely in its capacity as the managing member of Oaktree Holdings, LLC. |
CUSIP No. None | SCHEDULE 13D | Page 7 of 18 |
1 |
NAME OF REPORTING PERSON
Oaktree Capital Group Holdings GP, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
OO |
(1) | Solely in its capacity as the indirect owner of the class B units of Oaktree Capital Group, LLC. |
CUSIP No. None | SCHEDULE 13D | Page 8 of 18 |
1 |
NAME OF REPORTING PERSON
Brookfield Asset Management Inc. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
HC |
(1) | Solely in its capacity as the indirect owner of the class A units of Oaktree Capital Group, LLC. |
CUSIP No. None | SCHEDULE 13D | Page 9 of 18 |
1 |
NAME OF REPORTING PERSON
BAM Partners Trust | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
Not applicable | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
4,000,000 (1) | ||||
8 | SHARED VOTING POWER
None | |||||
9 | SOLE DISPOSITIVE POWER
4,000,000 (1) | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (1) | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
14 | TYPE OF REPORTING PERSON
HC |
(1) | Solely in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield Asset Management Inc. |
CUSIP No. None | SCHEDULE 13D | Page 10 of 18 |
Item 1. | Security and Issuer. |
This statement of beneficial ownership on Schedule 13D relates to the common shares of Oaktree Strategic Credit Fund, Inc., a Delaware statutory trust (the Issuer). According to the Issuer, the address of its principal executive office is 333 South Grand Avenue, 28th Floor, Los Angeles, California 90071.
Item 2. | Identity and Background. |
(a)-(c), (f)
This Schedule 13D is filed as joint statement pursuant to Rule 13d-1(k) under the Act by each of the following persons (collectively, the Reporting Persons):
1) | Oaktree Fund GP I, L.P., a Delaware limited partnership (GP I), whose principal business is to (i) serve as, and perform the functions of, the general partner of certain investment funds or to serve as, and perform the functions of, the managing member of the general partner of certain investment funds or (ii) to act as the sole shareholder of certain controlling entities of certain investment funds; in its capacity as the managing member of Oaktree Fund GP, LLC. |
2) | Oaktree Capital I, L.P., a Delaware limited partnership (Capital I), whose principal business is to serve as, and perform the functions of, the general partner of GP I, in its capacity as such; |
3) | OCM Holdings I, LLC, a Delaware limited liability company (Holdings I), whose principal business is to serve as, and perform the functions of, the general partner of Capital I and to hold limited partnership interests in Capital I, in its capacity as such; |
4) | Oaktree Holdings, LLC, a Delaware limited liability company (Holdings), whose principal business is to serve as, and perform the functions of, the managing member of Holdings I, in its capacity as such; |
5) | Oaktree Capital Group, LLC, a Delaware limited liability company (OCG), whose principal business is to act as the holding company and controlling entity of each of the general partner and investment adviser of certain investment funds and separately managed accounts, in its capacity as the managing member of Holdings; |
6) | Oaktree Capital Group Holdings GP, LLC, a Delaware limited liability company (OCGH GP), whose principal business is to serve as, and perform the functions of, the indirect owner of the class B units of OCG, in its capacity as such; |
7) | Brookfield Asset Management Inc., an Ontario corporation (BAM), in its capacity as the indirect owner of the class A units of OCG, in its capacity as such; and |
CUSIP No. None | SCHEDULE 13D | Page 11 of 18 |
8) | BAM Partners Trust, a trust formed under the laws of Ontario (BAM Partnership), in its capacity as the sole owner of Class B Limited Voting Shares of BAM, in its capacity as such. |
Set forth in the attached Annex A is a listing of the directors, executive officers, investment managers, managers, members and general partners, as applicable, of each Reporting Person (collectively, the Covered Persons) and is incorporated by reference. Except as set forth in Annex A, each of the Covered Persons that is a natural person is a United States citizen.
The principal business address of each of the Reporting Persons and each Covered Person is 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071.
(d) (e) During the last five years, none of the Reporting Persons, or to the best of their knowledge, any Covered Persons (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceedings was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. | Source and Amount of Funds or Other Consideration. |
As described in Item 6, on March 7, 2022, the Issuer issued an aggregate of 1,600,000 Class I Common Shares to GP I for total consideration of $40,000,000. The source of funds was capital contributions from limited partners of GP I.
Item 4. | Purpose of Transaction |
The Reporting Persons acquired the securities reported herein for investment purposes, subject to the following:
The information in Item 6 of this Schedule 13D is incorporated herein by reference.
The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to their investment or the Issuer, including communicating with the board of trustees of the Issuer (the Board), members of management or other security-holders of the Issuer, or other third parties from time to time, taking steps to implement a course of action, including, without limitation, engaging advisors, including legal, financial, regulatory, technical and/or industry advisors, to assist in any review, and evaluating strategic alternatives as they may become available. Such discussions and other actions may relate to, subject to the terms and conditions of the documents described herein to which the Reporting Persons are a party, various alternative courses of action, including, without limitation, those related to an extraordinary corporate transaction (including, but not limited to a merger, reorganization or liquidation) involving the Issuer or any of its subsidiaries; business combinations involving the Issuer or any of its subsidiaries, a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; material asset purchases; the formation of joint ventures with the Issuer or any of its subsidiaries or the entry into other material projects; changes in the present business, operations, strategy, future plans or prospects of the Issuer, financial or governance matters; changes to the Board (including Board composition) or management of the Issuer; acting as a participant in debt financings of the Issuer or any of its subsidiaries, changes to the capitalization, ownership structure, dividend policy, business or corporate structure or governance documents of the Issuer; de-listing or de-registration of the Issuers securities, or any action similar to those enumerated above.
Such discussions and actions may be preliminary and exploratory in nature, and not rise to the level of a plan or proposal. Subject to the terms and conditions of the documents described herein to which the Reporting Persons are a party, the Reporting Persons or their affiliates may seek to acquire securities of the Issuer, including Class I Common Shares and/or other equity, debt, notes or other financial instruments related to the Issuer or the Class I Common Shares (which may include rights or securities exercisable or convertible into securities of the Issuer), and/or sell or otherwise dispose of some or all of such Issuer securities or financial instruments (which may include distributing some or all of such securities to such Reporting Persons respective partners or beneficiaries, as applicable) from time to time, in each case, in open market or private transactions, block sales or otherwise. Any transaction that any of the Reporting Persons or their affiliates may pursue, subject to the terms and conditions of the documents described herein to which the Reporting Persons are a party, may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Issuers securities or other financial instruments, the Reporting Persons or such affiliates trading and investment strategies, subsequent developments affecting the Issuer, the Issuers business and the Issuers prospects, other investment and business opportunities available to such Reporting Persons and their affiliates, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by such Reporting Persons and such affiliates. Notwithstanding the above, GP I may contribute additional capital to the Issuer from time to time and purchase additional Class I Common Shares.
Oaktree Fund Advisors, LLC (the Adviser) is the Issuers external manager and is responsible for, among other things, identifying investment opportunities, monitoring the Issuers investors and determining the composition of the Issuers portfolio, subject to oversight by the Issuers Board. The Adviser is an affiliate of BAM Partnership. All of the Issuers officers and trustees, other than the Issuers independent trustees, are employees of Oaktree Capital Management, L.P. or one of its affiliates. In such capacities, these individuals may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
CUSIP No. None | SCHEDULE 13D | Page 12 of 18 |
Except as described in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although, subject to the agreements described herein, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management or the Board of the Issuer with respect to the business and affairs of the Issuer, and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.
CUSIP No. None | SCHEDULE 13D | Page 13 of 18 |
Item 5. | Interest in Securities of the Issuer. |
(a) and (b).
The information contained on the cover page of this Schedule 13D is incorporated herein by reference. As of the date hereof, GP I directly owns all 4,000,000 issued and outstanding Class I Common Shares representing 100% of the total amount of Class I Common Shares and has the sole power to vote and dispose of such shares.
Capital I, in its capacity as the general partner of GP I, has the ability to direct the management of GP Is business, including the power to direct the decisions of GP I regarding the vote and disposition of securities held by GP I; therefore, Capital I may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
Holdings I, in its capacity as the general partner of Capital I, has the ability to direct the manageme nt of Capital Is business, including the power to direct the decisions of Capital I regarding the vote and disposition of securities held by GP I; therefore, Holdings I may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
Holdings, in its capacity as the managing member of Holdings I, has the ability to direct the management of Holding Is business, including the power to direct the decisions of Holdings I regarding the vote and disposition of securities held by GP I; therefore, Holdings may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
CUSIP No. None | SCHEDULE 13D | Page 14 of 18 |
OCG, in its capacity as the managing member of Holdings, has the ability to direct the management of Holdings business, including the power to direct the decisions of Holdings regarding the vote and disposition of securities held by GP I; therefore, OCG may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
OCGH GP, in its capacity as the indirect owner of the class B units of OCG, has the ability to appoint and remove certain directors of OCG and, as such, may indirectly control the decisions of OCG regarding the vote and disposition of securities held by GP I; therefore, OCGH GP may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
BAM, in its capacity as the indirect owner of the class A units of OCG, has the ability to appoint and remove certain directors of OCG and, as such, may indirectly control the decisions of OCG regarding the vote and disposition of securities held by GP I; therefore BAM may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
BAM Partnership, in its capacity as the sole owner of Class B Limited Voting Shares of BAM, has the ability to appoint and remove certain directors of BAM and, as such, may indirectly control the decisions of BAM regarding the vote and disposition of securities held by GP I; therefore BAM Partnership may be deemed to have indirect beneficial ownership of the Class I Common Shares held by GP I.
With respect to the Class I Common Shares reported herein, each of the Reporting Persons may be deemed to have sole voting and dispositive power or the sole power to direct the vote and disposition of the number of Class I Common Shares which such Reporting Person may be deemed to beneficially own as set forth above.
Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons, other than GP I, that it is the beneficial owner of any of the Class I Common Shares referred to herein for the purposes of Section 13(d) of the Act, or for any other purpose, and such beneficial ownership is expressly disclaimed by each Reporting Person, other than GP I.
To the actual knowledge of the Reporting Persons, none of the Covered Persons directly owns any Class I Common Shares, other than GP I; provided, however, that because of each Covered Persons status as an investment manager, manager, general partner, director, executive officer or member of a Reporting Person, a Covered Person may be deemed to be the beneficial owner of Class I Common Shares beneficially owned by such Reporting Person. Each of the Covered Persons expressly disclaims beneficial ownership of the Class I Common Shares reported herein, and the filing of this Schedule 13D shall not be construed as an admission that any such Covered Person is the beneficial owner of any securities covered by this statement, other than GP I for its directly held Class I Common Shares.
(c)
Other than as set forth in this Schedule 13D, none of the Reporting Persons has effected any transactions related to the Class I Common Shares during the past 60 days.
CUSIP No. None | SCHEDULE 13D | Page 15 of 18 |
(d) To the best knowledge of the Reporting Persons, no person other than the Reporting Persons, or the partners, members, affiliates or shareholders of the Reporting Persons, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned by the Reporting Persons identified in this Item 5.
(e) Not applicable.
Item 6. | Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer. |
Each of the Reporting Persons entered in an agreement (the Joint Filing Agreement) in which the parties agreed to the joint filing on behalf of each of them statements on Schedule 13D with respect to securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached as an exhibit hereto and is incorporated by reference herein.
The foregoing description of the Joint Filing Agreement does not purport to be complete and is qualified in its entirety by the full text of the Joint Filing Agreement, which is filed hereto as Exhibit 1, and is incorporated herein by reference.
The information contained in Items 4 and 5 is incorporated by reference herein, as applicable.
Advisory Agreement
The Issuer and Adviser entered into an Investment Advisory Agreement, dated as of February 3, 2022 (the Investment Advisory Agreement). The Investment Advisory Agreement may be terminated at any time, without penalty, by the Issuer upon 60 days written notice or by the Adviser upon 120 days written notice. As compensation for its services provided pursuant to the Investment Advisory Agreement, the Issuer pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee:
(i) Management Fee:
The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Issuers net assets as of the beginning of the first calendar day of the applicable month, subject to the terms and conditions set forth in the Investment Advisory Agreement. The Adviser has agreed to waive its management fee until the date that is six months following the date on which the Issuer breaks escrow for its public offering.
(ii) Incentive Fee:
The incentive fee will consist of two components as follows:
(a) The first part of the incentive fee is based on income, whereby the Issuer will pay the Adviser quarterly in arrears 12.5% of the Issuers Pre-Incentive Fee Net Investment Income (as defined in the Investment Advisory Agreement) for each calendar quarter subject to a 5.0% annualized hurdle rate, with a catch-up, subject to the terms and conditions set forth in the Investment Advisory Agreement. The Adviser has agreed to waive its incentive fee based on income until the date that is six months following the date on which the Issuer breaks escrow for its public offering.
(b) The second part of the incentive is based on realized capital gains, whereby the Issuer will pay the Adviser at the end of each calendar year in arrears 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.
The foregoing description of the Investment Advisory Agreement does not purport to be complete and is qualified in its entirety by reference to such agreement, which is filed herewith as Exhibit 2 and is incorporated by reference in its entirety.
CUSIP No. None | SCHEDULE 13D | Page 16 of 18 |
Except as described above and herein in this Schedule 13D, there are no other contracts, understandings or relationships (legal or otherwise) among the parties named in Item 2 hereto and between such persons and any person with respect to any of the securities of the Issuer currently owned by the Reporting Persons.
Item 7. | Material to be Filed as Exhibits. |
Exhibit 1 | Joint Filing Agreement, by and among the Reporting Persons, dated as of March 15, 2022 | |
Exhibit 2 | Form of Investment Advisory Agreement (filed as exhibit (g) to the Issuers Pre-Effective Registration Statement on Form N-2 (File No. 333-261775) on December 20, 2021 and incorporated herein by reference |
CUSIP No. None | SCHEDULE 13D | Page 17 of 18 |
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct.
DATED: March 15, 2022
OAKTREE FUND GP I, L.P. | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Authorized Signatory | ||
OAKTREE CAPITAL I, L.P. | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Vice President | ||
OCM HOLDINGS I, LLC | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Vice President | ||
OAKTREE HOLDINGS, LLC | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Vice President | ||
OAKTREE CAPITAL GROUP, LLC | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Vice President | ||
OAKTREE CAPITAL GROUP HOLDINGS GP, LLC | ||
By: | /s/ Jessica Dombroff | |
Name: Jessica Dombroff | ||
Title: Vice President |
CUSIP No. None | SCHEDULE 13D | Page 18 of 18 |
BROOKFIELD ASSET MANAGEMENT INC. | ||
By: | /s/ Kathy Sarpash | |
Name: Kathy Sarpash | ||
Title: Senior Vice President Legal & Regulatory | ||
BAM PARTNERS TRUST | ||
By: | BAM Class B Partners Inc. | |
Its: | Trustee | |
By: | /s/ Kathy Sarpash | |
Name: Kathy Sarpash | ||
Title: Secretary |