NOW Closed – Now closed to investment.

Fund facts

Investor Type
Wholesale Investors Only
Asset Class
Private Credit
US Dollars
IM Date
April 11, 2019
Term Sheet Date
June 12, 2020
Suggested Investment Period
10 years
Annually as at 30 June
N/A - The Fund is closed ended
Closed to new investment
Wrap Access
Investment Partner

Spire Capital Pty Ltd (“Spire”) continues to have high conviction in select pockets of the global private markets (i.e. ‘sweet spots’). For the last 18 months, Spire has been monitoring credit conditions in anticipation of stress given ballooning issuance of sub-investment grade debt, inflated leverage levels and associated vulnerability of corporate balance sheets. This included face-to-face due diligence meetings with a number of distressed debt investors in New York and ongoing dialogue with preferred manager Oaktree Capital Management, L.P. (including its affiliates, individually or collectively, as the context requires, “Oaktree”). After a prolonged period of benign market conditions for distressed debt investing, the cycle turned with the onset of the coronavirus. In mid-March 2020, Spire accelerated final stage due diligence on Oaktree’s distressed debt capabilities and Opportunities XI program before resolving to create and capitalise Spire Oaktree Opportunities Fund XI (USD) First Close (“the Fund”) with principal capital.

The Fund seeks to deliver steady returns and strong asset growth from global distressed debt. The Fund was established in August 2020 and serves as a USD denominated Australian unlisted unit trust that feeds into the Oaktree Opportunities Fund XI Feeder (Luxembourg), SCSp (“the Underlying Fund”), a Luxembourg special limited partnership, which will invest substantially all of its assets in Oaktree Opportunities Fund XI (Parallel 2), SCSp in exchange for a limited partner interest therein. The Fund will progressively call capital in line with the requirements of the Underlying Fund and operating expenses of the Fund. LFE European Asset Management S.a.r.l is the alternative investment fund manager (“AIFM”) for the Underlying Fund and the AIFM will appoint Oaktree as portfolio manager.

Oaktree was formed in April 1995 and is a leading global investment management firm headquartered in Los Angeles, California, with more than 1000 employees throughout offices in 19 cities worldwide. As of September 30, 2020, Oaktree had approximately US$140 billion in assets under management.1 Oaktree’s senior executives and investment professionals have focused on less efficient markets and alternative investments for over 34 years. Oaktree emphasizes an opportunistic, value-oriented approach to investments in distressed debt, corporate debt (including mezzanine finance, high yield debt and senior loans), control investing, convertible securities, real estate, listed equities and multi-strategy solutions.

As of September 30, 2020, unless otherwise noted. (1) Includes Oaktree’s proportionate amount of DoubleLine Capital AUM resulting from its 20% minority interest therein. See the Legal Information section of the Appendix in the Oaktree Opportunities XI, L.P. Brochure, September 2020, for important information regarding Oaktree’s calculation methodology for assets under management.

Ordinary Units

Performance as at 30 September 2020 Net Returns
3 monthsN/A
6 monthsN/A
9 monthsN/A
1 yearN/A

Date Unit Price Net Monthly Return
30 September 2020$0.9945N/A

PDS/IM & Forms

Off Market Transfer Form
Change of Address & Communication Election Form
Letter of Authority Form


Spire Capital Master Fund Financial Report FY20

Quarterly Fact Sheets