Oaktree Capital Management highlighted opportunities in Europe and real estate yesterday in its first results call since going public, announcing it has already used a fifth of its €3.2bn third European principal fund in less than six months.

The results call followed Oaktree's announcement that economic net income was down 30% in the first quarter to $278.4m. Alternative asset managers use economic net income to measure performance because it includes the market value of its portfolio companies.