Oaktree Capital Group hopes to raise nearly $600 million in its planned initial public offering, the company said Friday.

In a regulatory filing, the downtown L.A. investment firm said it expects to price up to 12.9 million shares between $43 and $46 apiece for total proceeds of $595 million. The revelation marked a sharp departure from its initial IPO filing last June, when the company said it expected to raise up to $100 million.

Founded in 1995 by a group of investment professionals including Howard Marks and Bruce Karsh, Oaktree has become one of the leading investment firms specializing in distressed debt. The firm now manages about $75 billion for pension plans, corporate clients and other institutional investors.

Marks and Karsh, the two largest stakeholders in the company, are set to get a hefty payday when Oaktree goes public, according to the filing. If underwriters exercise the full allotment of shares, the two will each receive $117 million.

A date for the IPO was not announced.