Brookfield Asset Management Ltd. Acquisition of Oaktree Capital Group Holdings and Oaktree Equity Plan

SUMMARY OF THE PROPOSED COMBINATION Summary under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024

A. Name of the parties to the proposed combination

The parties to the proposed combination are: (a) Brookfield Asset Management Ltd. (“BAM”). (b) Oaktree Capital Group Holdings, L.P. (“OCGH”); and (c) Oaktree Equity Plan, L.P. (“OEP”). OCGH and OEP are collectively referred to as the “Targets”.

B. Nature and purpose of the proposed combination

BAM proposes to indirectly acquire units of (i) OCGH, and (ii) OEP and, therefore, the Oaktree operating group of entities (“Proposed Transaction”). The Proposed Transaction is an acquisition and falls under Section 5(a) of the Competition Act, 2002.

C. The products, services and business(es) of the Parties to the combination

(a) Acquirer

BAM is a global alternative asset manager.

(b) Targets

Both OCGH and OEP are limited partnerships and part of the Oaktree group. The Oaktree group is engaged in the provision of alternative investment management services.

D. Respective markets in which the Parties to the combination operate

The Proposed Transaction does not give rise to any competition concerns regardless of the manner in which the relevant market is delineated. In light of the above, it is submitted that the Hon’ble Commission need not reach a firm conclusion on the delineation of the relevant market for the purpose of assessing the Proposed Transaction.

On a without prejudice basis, the relevant market may be considered to be the ‘market for asset management services in India’.

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