Oaktree Capital Group LLC is a Delaware corporation formed on April 13, 2007. The Company is an investment management company. The Company invests in distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities. The Company manages assets on behalf of many of the institutional investors in the world. The Company's clientele has more than doubled over the past decade, to over 2,100, including 75 of the 100 U.S. pension plans, 39 states in the United States, approximately 434 corporations, over 370 university, charitable and other endowments and foundations, 16 sovereign wealth funds and approximately 300 other non-U.S. institutional investors. Its closed-end funds are typically structured as limited partnerships that have a 10- or 11-year term and have a specified period during which clients can subscribe for limited partnership interests in the fund. The Company also provides discretionary management services for clients through separate accounts within the open-end fund strategies. The Company competes with many other firms in every aspect of its business, including raising funds, seeking investments and hiring and retaining professionals. The Company's business, as well as the financial services industry generally, is subject to regulation in the United States and elsewhere. Its indirect subsidiary, Oaktree Capital Management, L.P., is registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC).