Brookfield-owned Oaktree Capital Management has closed its first asset-backed finance (ABF) fund on $2bn (£1.5bn) of commitments.

The money was raised across Oaktree’s Asset-Backed Finance Fund (ABF I) and related investment vehicles, said Brookfield.

Commitments came from institutional investors, including US public pension schemes and sovereign wealth funds, the firm said.

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“As the private asset-backed market grows, its sheer variety across sectors, structures and risk/return makes the market difficult to navigate,” said Brendan Beer, managing director and portfolio manager at Oaktree.

“Our approach is simple: survey a very broad market for less-crowded lending opportunities, and subject them to Oaktree’s critical eye.”

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Oaktree’s ABF strategy lends across equipment leasing, transport, consumer finance, real estate and infrastructure. The firm has invested more than $19bn (£14.4bn) through its wider ABF platform.

ABF I sits alongside Brookfield’s wider ABF platform, which totals more than $60bn and spans speciality finance, residential non-qualified mortgages, aviation lending, music royalties, fund finance and digital infrastructure leases, the firm added.

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