November 22, 2013 / 5:21 AM / 4 years ago

Oaktree among investors in China Cinda's $2.5 bln HK IPO-sources

HONG KONG, Nov 22 (Reuters) - Oaktree Capital Group LLC, the world’s largest distressed debt investor, is among a group of companies buying shares of China Cinda Asset Management Corp as part of the Chinese company’s up to $2.5 billion initial public offering, sources said on Friday.

Hedge fund Och-Ziff Capital Management Group LLC, Ping An Insurance and sovereign wealth fund Abu Dhabi Investment Authority have also joined Oaktree as so-called cornerstone investors.

The final list of investors may change, added the sources, who declined to identified as they were not authorized to speak publicly on the matter.

Cornerstone investors into IPOs receive a guaranteed allocation in exchange for agreeing to retain their stakes for a set amount of time.

China Cinda, one of the country’s four bad loan managers, is set to launch the Hong Kong IPO on Monday.

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