The StrategyThe Value Opportunities Fund ("VOF") is a >$3bn evergreen entity that was formed in 2007 as a step-out from Oaktree's flagship closed-end opportunistic credit strategy, Global Opportunities ("Opps"). The Fund invests through both long and short positions in distressed, stressed and value-oriented investments. VOF invests alongside Opps in more liquid opportunities and overlays its own underwriting with a focus on obscure situations and companies with smaller capital structures. VOF's dedicated eight-person team constructs the portfolio through a "bottom-up" process and aims to maintain a relatively concentrated set of holdings.
ResponsibilitiesOaktree is seeking a litigation attorney to join the Value Opportunities team as an investment professional. The successful candidate will source, underwrite and manage investments whose value turns on the outcome of litigation, bankruptcy proceedings or other legal processes.
The role spans public and private markets. The team invests across five groups of legal assets:
- Litigation-driven securities. Stocks, bonds and loans of companies with hidden or misunderstood litigation assets or liabilities.
- Litigation claims and funding. Antitrust, securities and consumer class actions (including opt-in and opt-out claims), mass torts and multidistrict litigation (MDLs), mass arbitration, and commercial claims, through single-case and portfolio funding or direct claim purchases.
- Bankruptcy and insolvency. Bankruptcy claims, debtor-in-possession (DIP) financing for companies in Chapter 11, litigation and liquidating trust interests, and offshore insolvency and asset recovery cases.
- Awards, judgments and government claims. Arbitral award and judgment enforcement, including awards against sovereigns and state-owned companies, and government claims (such as tariff refunds, tax refunds, takings and government contract claims).
- Law firm and settlement finance. Loans to law firms and post-settlement and judgment receivables.
The Vice President will:
- Underwrite investments in each of these groups, assessing merits, damages, timing, collectability and settlement value, and translate that analysis into recommended buy price and expected return.
- Build valuation frameworks for legal outcomes, including probability-weighted scenarios, duration and downside protection, and present investment recommendations to the portfolio manager and investment committee.
- Negotiate and draft deal documents, including claim purchase agreements, funding agreements, DIP and law firm credit agreements, and related fee and priority arrangements, and manage transactions through closing.
- Monitor dockets, rulings and case developments across the portfolio, and update valuations and position sizing as cases progress.
- Source new opportunities through relationships with law firms, claims brokers, litigation funders and restructuring professionals.
- Select and manage outside counsel, experts and other advisors on diligence, transactions and contested matters.
Qualifications- At least five years of litigation experience with a leading law firm or litigation/appellate boutique with a focus on plaintiffs'-side civil representations with large damages claims at stake. Meaningful exposure to antitrust, bankruptcy, or bet-the-company commercial disputes a plus.
- Completion of at least one judicial clerkship. A federal clerkship is preferred, and a second clerkship is a plus.
- Experience at a litigation funder or legal-assets investor after law firm practice is a plus but not required. Candidates joining directly from a law firm will be trained in underwriting and investing.
- Experience with contingency-fee matters, damages analysis, or class action and opt-out claims is a plus.
- Familiarity with Chapter 11 proceedings, claims trading and creditor rights is a plus.
- Demonstrated interest in investing and the ability to think about cases in terms of value, risk and return.
Skills & Competencies- Sound legal judgment and the ability to assess how a case will likely resolve, how long it will take and what it is worth.
- Excellent drafting and negotiation skills, with experience handling complex agreements.
- Ability to explain complex legal issues clearly and concisely to investment professionals.
- Comfort with quantitative analysis, including building simple valuation models.
- Ability to manage multiple deals and cases at once on a lean, fast-moving team.
- Collaborative, self-directed and commercially minded.
EducationJuris Doctor (J.D.) degree from an accredited law school and admission in good standing to at least one U.S. state bar.
Base salary range: $225,000 - $250,000 + competitive bonus and benefits package.
