Oaktree Capital Group reported adjusted net income declined to $85.3 million in Q2/15 from $134.7 million for Q2/14 primarily on lower investment income and fee-related earnings. GAAP net income attributable to Oaktree Capital was $19.8 million for Q2/15 as compared with $31.2 million for Q2/14.

Oaktree said distributable earnings declined to $111.2 million, or $0.59 per Class A unit, for Q2/15 from $116.2 million, or $0.64, for Q2/14 on lower fee-related earnings.

Oaktree noted that assets under management reached a record $103 billion as of June 30, 2015, up 13% year-over-year, on capital inflows of $6.3 billion for the second quarter and a record $24.0 billion for the 12 months ended June 30, 2015.

Jay Wintrob, CEO, said, “Second quarter adjusted net income declined year over year primarily due to lower overall returns from our fund investments. Fundraising in the second quarter totaled $6.3 billion, helping to achieve our highest-ever assets under management of $103 billion at June 30, up 13% from a year ago. Gross capital raised over the last twelve months of $24 billion set a new record for any such period, demonstrating the trust and confidence that our clients continue to place in us and the strength of our firm-wide distribution activities. With record dry powder of $20.1 billion, we’re well positioned for future investment opportunities across multiple strategies.”

Read the full news release here.