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Blue Owl Capital
Blue Owl Capital
from Wikipedia

Blue Owl Capital Inc. is an American alternative investment asset management company that is listed on the New York Stock Exchange under the ticker symbol: "OWL". Headquartered in New York City, it has additional offices around the world, including London, Dubai, and Hong Kong.

Key Information

In June 2024, Blue Owl Capital ranked 26th in Private Equity International's PEI 300 ranking among the world's largest private equity firms.[4]

History

[edit]

In December 2020, it was announced there would be a merger between Owl Rock Capital Group and Dyal Capital Partners.[1][2] The two firms would combine with a special-purpose acquisition company, Altimar Acquisition Corp to form Blue Owl.[1][2][5]

In May 2021, the transaction was completed and Blue Owl was listed on the New York Stock Exchange.[1][2][6][7][8][9] The deal was valued at $12.2 billion which included a $1.5 billion commitment from investors such as ICONIQ Capital, Federated Hermes and Liberty Mutual.[1][2]

In October 2021, Blue Owl acquired Oak Street, a private equity real estate firm for $950 million.[9][10][11][12][13] In December, it acquired Ascentium Group, a business development office based in Hong Kong.[14] This was done as part of its plans to expand in Asia.[14]

In October 2022, Bloomberg reported Blue Owl intended to expand the size of its offices in Greenwich, Connecticut and had opened an office in New Jersey.[15] In July 2024, the firm entered into an agreement to purchase a private credit firm, Atalaya Capital Management.[16]

Business overview

[edit]

Blue Owl has three business units:

GP Strategic Capital (formerly Dyal Capital)

[edit]

Dyal Capital was formed in 2011 by Michael Rees and Sean Ward who were both formerly of Lehman Brothers.[2][17][18] Since inception, the firm has been part of Neuberger Berman which currently retains a stake in Blue Owl as a result of the merger.[2][17][18]

Dyal Capital provides financing to hedge funds and private equity firms by acquiring minority interests in them.[9][17][18] Firms it has acquired interests in include:

In July 2021, Dyal Capital acquired minority stakes in the NBA teams, Phoenix Suns and Sacramento Kings.[26][27]

In March 2022, Blue Owl announced it planned to hold an IPO for Dyal Capital on the London Stock Exchange.[12]

In June 2023, Bloomberg reported that Dyal Capital would be renamed to Blue Owl GP Strategic Capital due to tensions among the co-founders where Rees was asked to resign. Dyal Capital came from the name of his children.[28]

Funds

[edit]
Fund[29] Vintage Year Committed Capital ($m)
Dyal Capital Partners 2012 USD 1,280
Dyal Capital Partners II 2014 USD 837
Dyal Capital Partners III 2017 USD 5,300
Dyal Capital Partners IV 2019 USD 9,000
Dyal Capital Partners V[30] 2022 USD 13,000

Finance

[edit]

Financial trends for Blue Owl Capital Inc. are based on fiscal years ended December 31:[31]

Year Revenue (USD Billion) Gross Profit (USD Billion) Net Income (USD Billion)
2018 0.121 0.062 0.002
2019 0.191 0.079 0.023
2020 0.250 0.009 -0.082
2021 0.824 -0.673 -1.802
2022 1.370 0.475 -0.040
2023 1.730 0.861 0.054
2024 2.300 1.020 0.110

Real Estate (formerly Oak Street)

[edit]

Oak Street was founded in 2009 by Marc Zahr and James Hennessey.[11][32][13]

Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks.[9][32][13]

In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion.[33] In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion.[34]

Credit (formerly Owl Rock)

[edit]

Owl Rock was founded in 2016 by Doug Ostrover (co-founder of GSO Capital Partners), Marc Lipschultz (former KKR partner) and Craig Packer (formerly of Goldman Sachs).[2][35]

The firm is a middle market private credit direct lending firm that deals with credit investments.[2][35][9] Its clients include George Soros, Brown University and the state of South Carolina.[35]

References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
Blue Owl Capital Inc. (NYSE: OWL) is a leading American alternative firm headquartered at in , specializing in providing private capital solutions across , (GP) strategic capital, and to drive long-term business growth. As of September 30, 2025, the firm manages over $295 billion in (AUM), positioning it as one of the largest players in the alternatives sector. Blue Owl operates as a publicly traded entity, offering permanent capital vehicle solutions to institutional and high-net-worth investors while emphasizing risk-adjusted returns through diversified investment strategies. The firm was established in 2021 through a business combination involving Owl Rock Capital Group—a specialist founded in 2016—and Dyal Capital Partners—a GP stakes founded in 2010—via a merger with Altimar Acquisition , a (SPAC), which enabled its public listing on the . In December 2021, Blue Owl expanded its capabilities by acquiring Oak Street Real Estate Capital, a Chicago-based firm founded in 2009 and focused on net lease properties, for approximately $1.6 billion in a mix of cash and equity. This acquisition integrated into Blue Owl's portfolio, complementing its existing and GP stakes platforms, and has since supported notable transactions such as the 2023 joint acquisition of with GIC for $15 billion. The firm's growth reflects a strategic consolidation in the alternatives market, with Owl Rock Capital (now part of Blue Owl's arm) having gone public in 2019 as the second-largest publicly traded (BDC) by assets. Blue Owl's operations are structured around three core platforms: the platform, which provides solutions including first-lien senior secured loans to upper middle-market companies and manages over $152 billion in AUM as of September 30, 2025; the GP Strategic Capital platform, which acquires minority stakes in leading and firms to align with their growth; and the Real Assets platform, centered on commercial investments like single-tenant net lease properties. The firm is led by Co-Chief Executive Officers Doug Ostrover, co-founder of Owl Rock and Chairman of the Board, and Marc Lipschultz, co-founder of Dyal Capital, who oversee a team committed to values of mutual , excellence, and collaborative . With offices in key global locations including , , and , Blue Owl continues to expand its influence in redefining alternative investments amid evolving economic conditions.

History

Formation and initial mergers

Blue Owl Capital was formed through the merger of Owl Rock Capital Group and Dyal Capital Partners, two prominent alternative asset managers. Owl Rock Capital Group, a firm specializing in providing financing solutions to middle-market companies, was founded in 2016 by Doug Ostrover, Marc Lipschultz, and Craig Packer. Dyal Capital Partners, which focused on acquiring minority stakes in (GP) interests of alternative asset managers, was established in 2010 by Michael Rees and Sean Ward, initially as part of before operating independently. On December 23, 2020, Owl Rock and Dyal announced a definitive business combination agreement to create Blue Owl Capital, aiming to build a diversified platform in and GP stakes investing. The transaction was structured as a merger with Altimar Acquisition Corp., a (SPAC) sponsored by an affiliate of , to facilitate a public listing. Key founders Doug Ostrover and Michael Rees played central roles in orchestrating the merger, with Ostrover, as Owl Rock's co-founder, emphasizing the strategic benefits of combining the firms to achieve greater scale in the alternative assets market. The business combination was completed on May 20, 2021, resulting in Blue Owl Capital Inc. commencing trading on the under the ticker symbol OWL. Post-merger, the combined entity managed approximately $52.5 billion in as of March 31, 2021, integrating Owl Rock's credit-focused strategy with Dyal's approach to GP minority stakes. This initial integration laid the foundation for Blue Owl's multi-platform structure in alternative investments.

Subsequent acquisitions and expansions

Following the formation of Blue Owl Capital in 2021, the firm pursued inorganic growth to broaden its platform capabilities. In December 2021, Blue Owl completed the acquisition of Oak Street Real Estate Capital, LLC, a Chicago-based firm founded in 2009, for a closing purchase price of $950 million funded through cash and Blue Owl common units, with up to an additional $650 million in consideration based on milestones. This transaction integrated Oak Street's strategies in debt and equity, including net lease investments and sale-leaseback transactions, adding approximately $12.4 billion in as of September 2021. The acquisition of Oak Street represented a strategic diversification move, enabling Blue Owl to expand beyond its core credit and strategic capital platforms into the commercial sector, particularly lending and equity investments in sectors like healthcare, industrial, and retail properties. By incorporating Oak Street's specialized expertise, Blue Owl aimed to capture opportunities in the evolving market, enhancing its ability to offer comprehensive private capital solutions to institutional investors. In August 2021, shortly after its initial merger, Blue Owl announced plans to raise dedicated funds for GP-led secondaries and co-investments, signaling an intent to deepen its offerings and provide solutions to general partners and limited partners in the space. These initiatives built on the firm's existing GP strategic capital platform, targeting growth in secondary transactions and direct co-investment opportunities to further scale its footprint. In 2023, Oak Street, as part of Blue Owl's Real Assets platform, jointly acquired STORE Capital Corporation with GIC for approximately $15 billion. This transaction marked one of the largest net deals and significantly expanded Blue Owl's portfolio in single-tenant net properties. A significant expansion in the credit segment occurred in January 2025, when Blue Owl Capital Corporation (NYSE: OBDC) completed its merger with Blue Owl Capital Corporation III (OBDE), with OBDC as the surviving entity. The all-stock transaction consolidated the two companies, creating the second-largest publicly traded BDC by total assets at approximately $18.6 billion, while enhancing Blue Owl's capabilities and permanent capital base. This merger streamlined operations and positioned Blue Owl to pursue larger-scale credit investments amid a competitive middle-market lending environment. In January 2025, Blue Owl completed the acquisition of the business of IPI Partners, LLC, a leading manager of digital infrastructure investments focused on data centers and cellular infrastructure. This deal integrated IPI's approximately $7 billion in AUM into Blue Owl's platform, enhancing its capabilities in high-growth digital sectors and partnering with ICONIQ Growth for future expansion.

Business platforms

GP Strategic Capital

GP Strategic Capital, formerly known as Dyal Capital Partners, was founded in 2011 by Michael Rees and a team of investment professionals to focus on providing capital solutions to alternative asset managers. The platform pioneered the strategy of acquiring minority equity stakes in general partners (GPs), emerging as a leader in the GP stakes market by offering non-control investments that support managerial growth and expansion without disrupting operations. Following the 2021 merger that formed , the platform was rebranded as GP Strategic Capital, integrating into the firm's broader ecosystem while maintaining its core focus on long-term partnerships with GPs. The core investment strategy involves purchasing minority equity positions, typically ranging from 5% to 20%, in the general partners of established alternative asset managers across , , and sectors. These stakes provide GPs with flexible capital for initiatives such as team expansions, product diversification, and operational enhancements, while Blue Owl benefits from ongoing revenue streams including a share of management fees and . This approach emphasizes alignment with GPs, fostering enduring relationships that capture the growth of the private markets industry, projected to expand significantly through diversified exposure rather than direct asset investments. Key funds underscoring the platform's evolution include Dyal Capital Partners III, which closed in 2017 with $5.3 billion in commitments, exceeding its target by over $2 billion and marking a milestone in scaling GP stakes investing. This was followed by Dyal Capital Partners IV, closing in 2019 at a record $9.0 billion, more than tripling the size of prior funds and reflecting surging investor demand for the strategy. Post-merger, Blue Owl GP Stakes V (formerly Dyal Capital Partners V) achieved a final close in 2023 with $12.9 billion, nearly $4 billion above its predecessor, solidifying the platform's market leadership. The portfolio comprises stakes in over 60 GPs, spanning leading managers in private equity, , and , with investments structured to generate stable cash flows through fee-related earnings and performance-based incentives. As of September 30, 2025, GP Strategic Capital contributes approximately $68.8 billion to Blue Owl's , underscoring its role in driving sustainable returns via long-term, aligned partnerships in the evolving private capital landscape.

Real Estate

Blue Owl's Real Estate platform originated from the 2021 acquisition of Oak Street Real Estate Capital, a firm founded in 2009 by co-founders Marc Zahr and Jim Hennessey as a specialist in net lease investments. The acquisition, completed on December 30, 2021, integrated Oak Street's capabilities into Blue Owl, rebranding the entity as Blue Owl Real Estate to expand the firm's offerings. This move established a dedicated platform for commercial financing and investment, leveraging Oak Street's established track record in property-level strategies. The platform's investment strategy centers on debt-focused opportunities, including senior loans and mezzanine financing, complemented by opportunistic equity investments in key commercial sectors such as multifamily, , industrial, and healthcare. This approach prioritizes downside protection and income generation through credit-first underwriting, targeting recession-resilient assets like healthcare properties, which benefit from stable demand and long-term leases. The strategy also incorporates net lease investments in single-tenant properties to enhance portfolio stability and yield. Key products include a series of real estate credit funds, such as the Oak Street Real Estate Capital Fund series, which provide diversified financing solutions for property owners and developers, alongside equity vehicles designed for direct property acquisitions and value enhancement. These offerings enable institutional investors to access both core-plus and value-add opportunities across the capital stack. As of September 30, 2025, the platform manages $74.7 billion in assets under management, reflecting significant growth from the $10.8 billion at the time of the Oak Street acquisition. The portfolio encompasses over 5,800 properties across the United States and Europe, with a focus on value-add and core-plus strategies in mission-critical sectors to deliver consistent returns amid market volatility.

Credit

The Credit platform of Blue Owl Capital originated from Owl Rock Capital Corporation, which was founded in 2016 by Doug Ostrover, Marc Lipschultz, and Craig Packer to specialize in middle-market direct lending. In 2021, Owl Rock merged with Dyal Capital Partners to form Blue Owl Capital, integrating the direct lending operations into the firm's broader alternative asset management structure. The platform's strategy centers on providing senior secured loans, unitranche facilities, and mezzanine debt to U.S. middle-market companies, typically those with EBITDA between $10 million and $250 million, often serving as the in transactions. This approach emphasizes downside protection through first-lien while targeting private equity-sponsored and non-sponsored borrowers across diversified industries. Key investment vehicles include the Owl Rock Core Income Fund, now known as Blue Owl Credit Income Corp. (OCIC), a non-traded company focused on income generation through . The platform also manages publicly traded companies (BDCs) such as Blue Owl Capital Corporation (OBDC, NYSE: OBDC), which focuses on first-lien senior secured debt to upper middle-market companies with a weighted average annual EBITDA of $229 million as of September 30, 2025, along with funds, limited partnerships, collateralized loan obligations (CLOs), and interval funds. The platform's portfolio features investments in over 200 companies, with significant exposure to sectors such as software and services, healthcare providers and technology, and consumer products. For OBDC specifically, the portfolio comprised 238 companies with a of $17.1 billion as of September 30, 2025, diversified across first-lien senior secured loans and other debt instruments. As of September 30, 2025, the Credit platform managed $152.1 billion in , making it the largest within Blue Owl Capital.

Leadership and governance

Executive leadership

Blue Owl Capital's executive leadership is led by a dual co-CEO structure, with Doug Ostrover and Marc Lipschultz serving as Co-Chief Executive Officers. Doug Ostrover, who co-founded Owl Rock Capital Partners in 2016—the predecessor to Blue Owl's Credit platform—oversees the firm's credit operations and overall strategy as Co-CEO, Chairman of the , and Co-Chief Investment Officer of Blue Owl Credit Advisers. Prior to Owl Rock, Ostrover co-founded GSO Capital Partners in 2005, serving as a Senior Managing Director at Blackstone until 2015, and held senior roles in leveraged finance at and DLJ, where he joined in 1992. His contributions include driving the growth of Blue Owl's credit platform through solutions tailored to middle-market companies. Ostrover holds an MBA from NYU Stern School of Business and a BA in Economics from the . Marc Lipschultz, co-founder of Owl Rock Capital Partners in 2016—the predecessor to Blue Owl's Credit platform—serves as Co-CEO, focusing on credit investments, and is a member of the and Co-Chief Investment Officer for Blue Owl Credit Advisers. Before Owl Rock, Lipschultz spent over 20 years at KKR as a member of the Management Committee and Global Head of Energy and Infrastructure, and earlier worked at on mergers, acquisitions, and principal investments. He has been instrumental in establishing Blue Owl's strategy in private credit, contributing to the firm's expansion in alternative investments. Lipschultz earned an MBA from as a Baker Scholar and an AB from . The firm is further supported by Co-Presidents Craig W. Packer and Michael Rees. Packer, who co-founded Owl Rock in 2016, heads the Credit platform as Co-President, Co-Chief Investment Officer of Blue Owl Credit Advisers, and CEO of Blue Owl's business development companies, bringing over 25 years of experience in lending. His prior roles include Partner and Co-Head of Leveraged Finance at from 2008, Global Head of High Yield Capital Markets at , and positions at . Packer's leadership has emphasized innovative financing for underserved middle-market firms. He holds an MBA from and a BS from the . Rees, co-founder of Dyal Capital in 2010, serves as Co-President and Head of the GP Strategic Capital platform, leveraging his expertise in alternative investments. He played a central role in the 2021 merger between Dyal Capital Partners and Owl Rock Capital Partners to form Blue Owl Capital, contributing to the integration and expansion of the firm's alternative investment platforms. Previously, he was a founding employee and COO of alternatives at post-2009, and held strategic roles at from 2001 to 2009, including Head of Asset Management Strategy. Rees has driven the development of Blue Owl's GP stakes platform through minority partnerships. He possesses MS degrees in and from MIT, and a BS in and BA in from the . Key supporting executives include Alan Kirshenbaum, who has served as since 2021 and Co-Chair of the Operating Committee, with a background in and at firms including Asset Management, where he was CFO from 2003 to 2006, and . Kirshenbaum previously oversaw the IPO of Sixth Street Specialty Lending as CFO from 2011 to 2015, contributing to Blue Owl's financial infrastructure and treasury management post-merger. He holds an MBA from NYU Stern School of Business and a BS from . Andrew Polland, and Co-Chair of the Operating Committee, manages post-merger operations and previously served as COO of Dyal Capital, with earlier roles as COO, , and at Hoplite Capital Management and compliance leadership at MSD Partners and . Polland's expertise has supported Blue Owl's operational integration and strategic direction. He earned a JD from the University of Pennsylvania and a BS from . This dual CEO structure, drawing from credit backgrounds, balances perspectives to guide Blue Owl's strategy, including expansion into global markets through partnerships like the one with for digital infrastructure and integration of technology in .

Board of directors

The Board of Directors of Blue Owl Capital Inc. consists of 10 members as of November 2025, led by Chairman Doug Ostrover, who also serves as Co-Chief and provides strategic oversight across the firm's operations. The board features a combination of interested directors from executive leadership and independent directors with expertise in finance, , and business operations, ensuring balanced . Key independent directors include Claudia Holz, a certified public accountant and former financial executive, who chairs the Audit Committee; Stacy Polley, a senior advisor at Blackstone Inc. with extensive experience in asset management; Dana Weeks, CEO and co-founder of MedTrans Go, offering insights into entrepreneurial growth; and Andrew S. Komaroff, a private equity veteran with a background in investment management. These members, along with Polley and Weeks serving on the Audit Committee with Holz, oversee financial reporting, internal controls, and compliance matters. The board is divided into three classes with staggered three-year terms to promote continuity, and while there is no separate nominating committee, the full board participates in director nominations and evaluations. Compensation decisions are handled by a composed solely of independent directors, focusing on alignment with performance and shareholder interests. Governance practices highlight a commitment to diversity, with about 30% of board members being women (including Brouse, Holz, and Polley) as of 2025, as well as ethnic and professional diversity to foster inclusive decision-making. The firm integrates ESG considerations into oversight, as a signatory to the Principles for Responsible Investing, and enforces stock ownership requirements for directors to ensure alignment with shareholders. Since the 2021 business combination forming Blue Owl from Owl Rock Capital and Dyal Capital Partners, the board has evolved through integrations, including the addition of Marc Zahr from the 2021 Oak Street Real Estate Capital acquisition to represent and Jennifer Brouse in March 2025 from GP Strategic Capital to cover that platform, broadening expertise across all business areas.

Financial overview

Assets under management and growth

As of September 30, 2025, Blue Owl Capital managed approximately $295.6 billion in (AUM), diversified across its core platforms with comprising 51%, 25%, GP Strategic Capital 23%. This composition reflects the firm's emphasis on alternative investments, including , real asset financing, and minority stakes in general partners of private capital firms. The firm's AUM has exhibited robust growth since its initial public offering (IPO) in May 2021, expanding from $52 billion to $295.6 billion by September 2025. This trajectory has been propelled by $57 billion in new capital commitments over the preceding 12 months, equivalent to 24% of total AUM, underscoring sustained investor demand for Blue Owl's strategies amid a favorable environment for alternative assets. Key drivers of this expansion include both organic and inorganic elements. Organically, the platform has benefited from substantial loan deployments, supporting portfolio growth through new originations in and related vehicles. Inorganically, notable contributions stem from the 2021 acquisition of Oak Street Real Estate Capital, which bolstered the platform, and the November 2025 announced merger of Blue Owl Capital Corporation (OBDC) with Blue Owl Capital Corporation II (OBDC II), which is expected to enhance scale in the business development company (BDC) segment. On November 5, 2025, Blue Owl announced a merger between its BDCs OBDC and OBDC II, pending approval, to combine into a larger entity with approximately $18.9 billion in assets. momentum has been particularly strong, with $14 billion raised in the third quarter of 2025 alone, distributed across Credit, Real Assets, and GP Strategic Capital. Breaking down platform-specific growth, the Credit segment has scaled from $17 billion in AUM in to $152.1 billion by September 2025, driven by expanded activities and BDC integrations. Meanwhile, the Real Assets platform grew from approximately $12.4 billion following the Oak Street acquisition to $74.7 billion, fueled by net lease and infrastructure investments that capitalized on post-acquisition synergies. These developments highlight Blue Owl's strategic focus on high-conviction areas, contributing to overall AUM diversification and resilience.

Revenue and key financial metrics

Blue Owl Capital generates revenue primarily through management fees, which constituted approximately 89% of its in the third quarter of 2025, along with incentive fees and (about 11%), and administrative services. Management fees are based on , providing stable recurring income, while incentive fees are performance-based and more variable. Administrative services include fees from and other operational support. In the third quarter of 2025, Blue Owl reported total of $728 million, representing a 21% increase year-over-year, driven by higher s from and deployment across its , real assets, and GP strategic capital platforms. Fee-related (FRE) reached $376 million for the quarter, with a margin of approximately 52%, reflecting efficient cost management amid scaling operations. Approximately 86% of management fee derived from permanent capital vehicles, which comprise a significant portion—around 70%—of total , enabling predictable cash flows and reduced reliance on cyclical . As a publicly traded listed on the under the ticker OWL since its 2021 debut via business combination, Blue Owl maintains a of approximately $22.8 billion as of November 17, 2025. It pays quarterly dividends of $0.225 per Class A share, yielding about 5.7% annually, with the next payout scheduled for November 24, 2025. Blue Owl's performance in 2025 highlights robust growth, with Q3 FRE up 19% year-over-year and management fees increasing 29% over the trailing twelve months, supported by diversified platforms and strategic acquisitions that enhance fee generation. The company anticipates continued FRE expansion for the full year, targeting over 20% growth through sustained capital inflows and deployment.

References

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