Marks: Oaktree raises its largest funds during crises and cuts fund sizes afterward
Howard Marks · Howard Marks & Andrew Marks: Something of Value · Acquired · Aug 30, 2022 · at 1:31:27
Howard Marks details Oaktree Capital's countercyclical strategy of fund sizing across past market cycles.
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“There were debt crises, or crises in general, in 1991, oh one oh two, oh eight oh nine, and then of course a brief one in 2020. And the biggest funds we've raised were the funds that invested in those years. Usually because we had some foresight about what lay ahead. And then, having made a lot of money in those well-timed funds, the next fund is always smaller.”
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