Oaktree Capital Management is an investment management firm specializing in marketable securities and private investments. Formed in 1995, the firm's principal investment strategies combine high yield bonds, convertible securities, high-income convertibles, European high yield bonds, and international convertibles. It provides its clients with various debt instruments including high yield bonds, leveraged loans, mezzanine, and private debt. Within convertible securities, the firm focuses on the United States, international, and high-income convertibles with short maturities. Oaktree also provides distressed debt, real estate debt and also invests in equity markets in the US and Europe. The firm is based in Los Angeles, California.