Oaktree Capital Management is arranging a major private-credit package to support its acquisition of the wealth-management arm of Australia’s Perpetual Ltd, according to a report by Bloomberg. The transaction structure centres on Oaktree using debt capital from private-credit providers — including Ares Management and Barings — rather than traditional bank financing. The debt would be used to back portfolio company AZ Next Generation Advisory, who would make the acquisition. Oaktree acquired AZ in December, funded by a AUD345m private credit loan from Ares and Barings. The deal forms part of an increasing interest in Australia's wealth sector. The country's pension industry is reportedly valued at AUD4.3tn.