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Oaktree, Fifth Street close asset deal

Oaktree Capital Management LP has closed its asset purchase agreement with Fifth Street Asset Management Inc.

Under the agreement, the Oaktree Capital Group LLC affiliate has become the investment adviser to business development companies Oaktree Specialty Lending Corp., formerly Fifth Street Finance Corp., and Oaktree Strategic Income Corp., formerly Fifth Street Senior Floating. Oaktree Specialty Lending and Oaktree Strategic Income now trade on Nasdaq under the ticker symbols OCSL and OCSI, respectively.

Oaktree Capital Management paid $320 million in cash to Fifth Street Asset Management affiliate Fifth Street Management LLC, which ceased to be the investment adviser for Fifth Street Finance and Fifth Street Senior Floating upon the closing of the transaction.

Oaktree Specialty Lending will operate as a specialty finance company, providing credit solutions to companies with limited access to public or syndicated capital markets. Oaktree Strategic Income will focus on providing capital solutions to middle-market companies.

Oaktree Capital Management portfolio manager Edgar Lee has been named CEO of both business development companies. The two companies together have about $2.5 billion of assets under management across first lien, second lien, unsecured and mezzanine loans. The two companies' leadership team includes Matt Pendo as COO, Mel Carlisle as CFO and Kim Larin as chief compliance officer.