Oaktree Backs Biotech Fund Russian Billionaire Seeks to Shut

Oaktree Capital Management is considering a $300 million investment in a bankrupt biotechnology fund that Russian billionaire Dmitry Rybolovlev’s family trust is seeking to shut down.

Venture capital fund ATP Life Science Ventures and seven of its portfolio companies filed for bankruptcy in December after a months-long court fight with Rybolovlev’s trust. The family trust has invested $2.4 billion through ATP, which is run independently by biotech entrepreneur Seth Harrison. Before the filing, the trust had been trying to remove Harrison and wind down the fund. The Chapter 11 filing kept him in control.