Opportunity, indeed. Oaktree Capital Management announced that it closed its $15.9 billion Oaktree Opportunities Fund XI, exceeding the $15 billion target and becoming the company's largest fund to date.

The fund is focused on "an attractive mix of opportunities that are diversified across geographies, sectors and asset classes," as the company's press release states. The investment charter allows the fund to consider "the most attractive public and private investments worldwide," with "private opportunities offer a compelling risk/reward profile."

The company has also made an interesting linguistic adjustment. "Opportunistic credit has been a core investment focus for Oaktree since its inception over 25 years ago, when the firm was a pioneer in distressed debt investing," the press release states. "Formerly known as 'Distressed Opportunities,' the Global Opportunities strategy officially changed its name to better reflect how its investment style has evolved and expanded over almost three decades."