Assets under management
Assets under management (“AUM”) grew to $81.0 billion as of September 30, 2012, as compared with $78.7 billion as of June 30, 2012 and $73.0 billion as of September 30, 2011. The $2.3 billion increase in the third quarter of 2012 primarily reflected $3.2 billion in market-value gains and $0.7 billion in new capital commitments to closed-end funds, less $1.6 billion of distributions to investors in closed-end funds.
The $8.0 billion increase since September 30, 2011 was attributable primarily to market-value gains of $10.7 billion and new capital commitments of $7.5 billion to closed-end funds, partially offset by distributions of $8.5 billion to investors in closed-end funds and $1.3 billion in aggregate net outflows from open-end and evergreen funds. The latter principally reflected net outflows of $1.1 billion across our convertible securities strategies, as we accepted less capital in the face of a slowdown in new issuance caused by historically low interest rates.
Management fee-generating assets under management
Management fee-generating assets under management (“management fee-generating AUM”) were $66.2 billion as of September 30, 2012, as compared to $66.3 billion as of June 30, 2012 and $63.4 billion as of September 30, 2011. The $0.1 billion decrease in the third quarter reflected the net effect of a $1.8 billion decline resulting from asset sales by closed-end funds in liquidation, $1.1 billion in market-value gains in funds for which management fees are based on NAV, and an increase of $0.6 billion upon the initial closings and commencement of ROF VI and EIF.
As compared to September 30, 2011, management fee-generating AUM increased $2.8 billion, representing the net effect of increases of $4.9 billion of committed capital from new active closed-end funds and $4.6 billion in market-value gains in funds for which management fees are based on NAV, partially offset by decreases of $5.9 billion attributable to closed-end funds in liquidation and the aforementioned $1.3 billion in aggregate net outflows across open-end and evergreen funds. The $4.9 billion of capital commitments arising from new closed-end funds primarily included Oaktree European Principal Fund III, L.P. (“EPF III”), with €3.1 billion ($4.0 billion), and Oaktree Real Estate Opportunities Fund V, L.P. (“ROF V”), with $0.7 billion of additional commitments during the period. Of the $5.9 billion attributable to liquidations, $2.4 billion was by OCM Opportunities Fund VIIb, L.P. (“Opps VIIb”).