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Overview

Chinese state-owned bank provides a $30 million USD revolving facility to Oaktree Pinnacle Investment Fund for financing the investment activities and working capital

Commitments (Constant USD, 2023)$28,347,574
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•Cayman IslandsSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 25, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Unspecified Chinese State-owned Bank

Receiving agencies

Private Sector

  • Oaktree Pinnacle Investment Fund, L.P.

Loan description

Chinese state-owned bank provides a $30 million USD revolving facility to Oaktree Pinnacle Investment Fund for financing the investment activities and working capital

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to January 25, 2022, a Chinese state-owned bank entered into a $30 million USD revolving financing facility agreement with Oaktree Pinnacle Investment Fund, L.P. — a Cayman Islands-incorporated fund and wholly-owned indirect subsidiary of Oaktree Capital Group, LLC — that was operate as a sub line credit for financing the investment activities and working capital of the borrower.

Staff comments

1. There is very little information on this loan, including the identity of the specific lender. While it is not explicitly stated that the lender was a Chinese state-owned bank, given that the nine largest Chinese banks as measured by total assets and market capitalization are state-owned (as well as the 10th) and that most of the other "leading PRC banks" mentioned in the source AidData identified as being state-owned banks such as Bank of China, AidData is highly confident the lender of this loan was a Chinese state-owned bank. Still, this issue merits further investigation.