50 Wealthiest: Bruce Karsh #30

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NET WORTH: $1.35 billion +8%

LAST YEAR: $1.25 billion*

AGE: 56

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Money management, private equity

THE MONEY: Oaktree Capital Group president earned $73 million from asset management firm’s recent IPO. Like co-founder Howard Marks, retains 14 percent stake in firm, worth $900 million. Also took home millions in profit-sharing and fund distributions. IPO filings shed new light on Karsh’s net worth, prompting increase in past valuation.

BUZZ: Far from banner year for Oaktree, which Karsh co-founded in 1995 after leaving TCW. Assets under management fell $7 billion to $75 billion, but fund returns still in positive territory. Oaktree raising new fund to invest in distressed debt. Karsh and wife, Martha, run Karsh Family Foundation, an education-focused charity. Duke alumnus and trustee donated $50 million to alma mater in December for undergrad scholarships. Democratic donor recently attended star-studded President Obama fundraiser. Worked as attorney and Eli Broad’s assistant after University of Virginia law school. Minority investor in NBA’s Golden State Warriors.

*recalculated

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