The $40 billion Alaska Permanent Fund Corporation has appointed a $310 million distressed debt mandate to Oaktree Capital Management.
According to a media statement, the Alaska Permanent Fund Corporation board of trustees has hired Oaktree to manage "a portion" of the fund's distressed debt allocation.
The $310 million mandate was invested in Oaktree's Opportunities Fund VIII - a product that capitalises on distressed debt opportunities.
Oaktree also manages a debt securities mandate for the $58 billion Future Fund.
Meanwhile, the Alaska Permanent board of trustees also transferred a $250 million mandate of existing debt-based absolute return strategies from Crestlines distressed opportunity mandate to Crestlines absolute return mandate.
"This transfer of exposure will better align the investments of Crestline two portfolios with the Funds new asset allocation," noted the statement.