Oaktree wins Nama’s Projects Ruby and Emerald

US private equity firm Oaktree is understood to have won the race to acquire two portfolios of laons from the National Asset Management Agency with a par value of €4.7 billion. The portfolios are known as Project Ruby and Project Emerald.

Oaktree beat rivals Cerberus and Lone Star, who were the other final bidders to submit offers last week before a second-round deadline, according to sources. The loans were being sold at a deep discount to their orignal value.

A spokesman for Nama declined to comment.

Nama chief executive Brendan McDonagh said on Wednesday that an announcement on the sale would be made on Friday.