As of September 30, 2012, Opps IX was not included in management fee-generating AUM because its investment period had not commenced.
Incentive-creating assets under management
Incentive-creating assets under management (“incentive-creating AUM”) were $37.1 billion as of September 30, 2012, as compared with $36.0 billion as of June 30, 2012 and $33.6 billion as of September 30, 2011. The $1.1 billion increase in the quarter primarily reflected $1.8 billion in market-value gains and net outflows of $0.7 billion across closed-end funds. As compared to September 30, 2011, incentive-creating AUM increased $3.5 billion, reflecting $5.8 billion in market-value gains and net outflows of $2.3 billion across closed-end funds. Of the $37.1 billion in incentive-creating AUM as of September 30, 2012, $27.3 billion, or 73.6%, was generating incentives at the fund level.
Accrued incentives (fund level) and incentives created (fund level)Accrued incentives (fund level) amounted to $2.1 billion as of September 30, 2012, as compared with $1.8 billion as of June 30, 2012 and $1.5 billion as of September 30, 2011. The $0.3 billion increase in the quarter resulted from $446.4 million of incentives created, of which $169.2 million was attributable to the incremental 60% of profits allocated to Oaktree between the time a fund’s profits exceed the preferred return and the time Oaktree is allocated 20% of the limited partners’ since-inception profits, pursuant to the partnership agreements of our closed-end funds. The $0.6 billion increase from September 30, 2011 reflected $0.9 billion of incentives created (fund level), less $0.3 billion of segment incentive income recognized. Net of incentive income compensation expense, accrued incentives (fund level) amounted to $1.3 billion, $1.1 billion and $0.9 billion as of September 30, 2012, June 30, 2012 and September 30, 2011, respectively. Uncalled capital commitments Uncalled capital commitments amounted to $13.3 billion as of September 30, 2012, as compared with $13.7 billion as of June 30, 2012 and $12.4 billion as of September 30, 2011.
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