Oaktree Capital Management is exploring a single asset continuation vehicle (CV) for its stake in WHP Global, a brand management business it has backed since 2019, according to three sources familiar with the situation.

Evercore is advising Oaktree on the CV, which is expected to raise over USD 1bn in equity, the sources said.

Oaktree made an initial investment of USD 200m via its special situation strategy to help launch San-Francisco-based WHP. At that time, the strategy was deploying its 2018-vintage Fund II. In 2023, Ares made a USD 375m investment in WHP, with the funds earmarked to help drive M&A.

Since then, WHP has scaled via several intellectual property (IP) acquisitions, with fashion a key focus in the past two years. In May, it struck a deal to acquire fashion brand Marc Jacobs from LVMH via a joint venture (JV) with publicly listed G-III Apparel. The transaction is slated to close before the end of the year.

Marc Jacobs will join a stable of premium fashion brands including Vera Wang, which WHP acquired in December 2024. The addition of Marc Jacobs is expected to take overall retail sales to over USD 9.5bn, according to a press release.

WHP paid USD 300m for a 50% stake in a JV with Lands’ End in January 2026, also acquiring stock in the company via a USD 100m tender offer.

Fashion – where the portfolio is filled out by the likes of Express, Anne Klein, and Joseph Abboud – is one of three verticals. The others are hard goods, which is anchored by Toys“R”Us and Babies“R”Us, and sports, where the key brand is Lotto.

One of the sources noted that alongside the CV, WHP is also expected to refinance its debt. The company has frequently tapped the credit markets to help fund acquisitions.

According to an S&P report in February 2026, WHP’s capital structure comprised a USD 1.325bn first-lien term loan due 2032 and a USD 250m add-on term loan used to help fund its Lands’ End acquisition. The company tapped the market in June with a further add-on loan of USD 290m for the Marc Jacobs deal, bringing the total size of the term loan to USD 1.865bn, according to another source familiar with the situation.

One of the sources said that WHP’s EBITDA is currently around USD 300m.

A comp is expected to come with the planned IPO of Authentic Brands – which claims to own more than 50 brands – as deal activity in the space ramps up. As previously reported by this news service, the Leonard Green-backed company is expected to list by 2027.

Two of the sources said WHP is on a similar trajectory to Authentic, albeit at an earlier stage. A public market exit is considered a likely longer-term outcome.

A source familiar with Authentic’s IPO plans said public market investors are expected to apply a “conglomerate discount” to the company given the sheer number of brands with contrasting performance levels. Still, while a portion of its revenue comes from royalties, Authentic has built a broader entertainment platform spanning original content, studios and live experience, another source familiar with the company said.

This news service previously reported that Authentic’s valuation is expected to amount to a double-digit EBITDA multiple. Authentic declined to comment. Leonard Green did not respond to a request for comment.

WHP’s portfolio currently comprises more than 15 brands across fashion, sports and hard goods, according to the press release.

Oaktree declined to comment. Evercore did not respond to a request for comment.