Share of private debt capital raised by type

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In Q1 2025, the distressed debt substrategy secured $21.4 billion in commitments, largely thanks to the $16 billion fund raised by Oaktree Capital Management, putting distressed debt in line to easily surpass its five-year annual average of $28.5 billion. More distressed managers may seek to raise funds to capitalize on the market uncertainty and the increased delinquencies that tend to arise in more tumultuous environments.