After six years of ownership by the Suning Group, Inter have been taken over by American fund Oaktree capital. An official statement from the investment fund confirmed that they were the new owners of the Serie A side, after previous president Steven Zhang failed to secure funding to repay a loan he had taken out from Oaktree.
Calciomercato have provided an overview of the fund and it’s history, explaining how the fund works:
Overview
Oaktree is an American company, a fund specializing in alternative investment management strategies. Founded in 1995 in Los Angeles, it is listed on the New York Stock Exchange, boasting over 1200 employees and a presence in 22 cities across North America, Europe, Asia, and Oceania. It implements the so-called credit strategy with an “opportunistic” approach, mainly investing in infrastructure, debts, and consolidated loans.
Key Figures
Leading Oaktree are Howard Marks and Bruce Karsh, both founders of the fund. Today, they serve as co-chairmen, with Karsh also holding the role of Chief Investment Officer. Jay Wintrob is the group’s CEO.
Assets Under Management
As of March 31, 2024, Oaktree’s assets under management amount to approximately $192 billion. Its clientele includes 73 of the top 100 US pension plans, as well as public funds, foundations, corporate entities, insurance companies, endowment funds, and sovereign wealth funds. Oaktree holds stakes in various companies, including Arsenale Group (luxury hotels), MBE Worldwide (Mail Boxes Etc retail centers), Castello SGR (asset management company), Asacha Media (production house), Banca Progetto, and Costa Edutainment (scientific theme parks, including the Genoa Aquarium).
In Sports
In 2020, Oaktree acquired 100% of the shares of French club Caen, a Ligue 2 team, along with audiovisual producer Pierre-Antoine Capton. Steven Kaplan, one of the co-founders, co-owns Swansea and holds a minority stake in the NBA’s Memphis Grizzlies. Oaktree now oversees Inter after the previous majority shareholder, Suning, failed to repay the €380 million debt, resulting in the enforcement of the pledge. In May 2021, the fund granted Zhang a €275 million loan with a three-year term and 12% interest. The shares of Inter were pledged as collateral.
Brookfield Connection
Behind Oaktree stands Brookfield. In 2019, the Canadian fund based in Toronto acquired 62% of Oaktree to provide investors with one of the most comprehensive offerings of alternative investment products. According to the agreement, Brookfield is expected to own 100% of Oaktree’s shares by 2029. As of March 1, 2024, Brookfield’s ownership had reached 72%, with investments for acquiring shares totaling approximately $4.7 billion. Brookfield Asset Management is one of the world’s leading alternative asset managers, with over $900 billion in assets under management in real estate, infrastructure, renewable energy, private equity, and credit. Notable figures at Brookfield include Chairman Mark Carney and CEO Bruce Flatt. Listed on the New York Stock Exchange since 2012, its clients include over 525 companies worldwide, more than 275 global donations and foundations, and 15 sovereign wealth funds.
