Oaktree Acquisition Corp. III Life Sciences (OAC III) is a SPAC — a blank check company with no operations — formed in June 2024 with the sole purpose of identifying and merging with a private healthcare or life sciences company to take it public. OAC III raised roughly $192M in its IPO, with proceeds held in a trust account invested in U.S. government securities until a deal closes or the SPAC liquidates. OAC III has 24 months from IPO close to complete an acquisition, extendable up to roughly 36 months with shareholder approval. The target universe includes North American, British, and European companies in biopharma, medical devices, diagnostics, and specialized healthcare services, with a target enterprise value of $500M–$1.5B. OAC III has not yet identified a specific target. The sponsor is an affiliate of Oaktree Capital Management, a global alternative investment manager with roughly $223B in AUM. Oaktree's Life Sciences team has evaluated over 996 investment opportunities since 2013, closing 54 deals with no realized losses. The sponsor previously ran two SPACs — OAC (merged with Hims & Hers Health) and OAC II (merged with Alvotech) — both completed within 24 months. The sponsor acquired founder shares at a nominal price, which convert to Class A shares only if a deal closes, creating an inherent incentive to complete a transaction regardless of deal quality — a conflict OAC III explicitly acknowledges.