Oaktree Direct Lending Evergreen Fund, L.P. (ODLE)

Oaktree Direct Lending Evergreen Fund, L.P. (ODLE) is a perpetual-life, evergreen institutional direct lending vehicle launched by Oaktree Capital Management, one of the world's leading alternative investment managers specializing in credit strategies with roots in high yield and distressed debt. The fund completed its first close in October 2025 with approximately $2.35 billion in committed capital, the majority contributed by a broad group of global insurance companies. At first close, ODLE established itself as one of the largest institutional evergreen direct lending strategies to launch globally, reflecting the strong institutional demand for permanent-capital credit vehicles.

ODLE primarily makes senior secured, first-lien loans to sponsor-backed, middle-market U.S. companies, with the ability to selectively lend to large-cap and non-sponsor-backed borrowers in the United States and Europe. The fund's evergreen structure is designed to provide institutional clients—particularly insurance companies—with a scalable, continuously accessible vehicle for deploying capital into Oaktree's direct lending capabilities without the constraints of a traditional fixed-life fund. Unlike typical direct lending vehicles, ODLE charges management fees only, with no performance fees, emphasizing income generation and capital preservation. The fund is available in both levered and unlevered versions and carries ratings from two global credit rating agencies.

Oaktree Capital Management was founded in 1995 by Howard Marks and Sheldon Stone and manages over $200 billion in assets across credit, private equity, real estate, and infrastructure strategies. ODLE represents a natural expansion of Oaktree's established direct lending franchise, which includes the Oaktree Middle-Market Direct Lending Fund and other dedicated credit vehicles. The fund is managed by Portfolio Manager Raj Makam and the broader Oaktree direct lending team, who bring decades of experience structuring senior secured credit investments through multiple economic cycles.