Blue Owl Capital

Blue Owl Capital Inc.

Company type	Public company
Industry	Asset management
Founded	December 2020 (2020-12)
Headquarters	New York City , United States
Area served	Global
Key people	Michael Rees (former, GP Strategic Capital founder), Sean Ward (former, GP Strategic Capital founder), Doug Ostrover (Owl Rock co-founder), Marc Lipschultz (Owl Rock co-founder), Craig Packer (Owl Rock co-founder)
Products	Alternative investment strategies; private credit; private equity real estate; minority stakes in hedge funds and private equity firms
Website	www.blueowl.com

Blue Owl Capital Inc. is a U.S.-based asset management company specializing in alternative investment strategies, publicly traded on the New York Stock Exchange under the symbol "OWL". Its corporate headquarters are located in New York City, with additional offices spread across key global financial centers including London, Dubai, and Hong Kong.

By June 2024, Blue Owl was positioned 26th on the PEI 300 list published by Private Equity International, ranking among the largest private equity firms worldwide.

History

The formation of Blue Owl occurred in December 2020 through the combination of Owl Rock Capital Group and Dyal Capital Partners with the special-purpose acquisition company Altimar Acquisition Corp. This transaction, valued at $12.2 billion, featured $1.5 billion in capital commitments from investors such as ICONIQ Capital, Federated Hermes, and Liberty Mutual.

Blue Owl commenced trading on the NYSE on May 19, 2021. Subsequently, on October 18, 2021, it completed the acquisition of Oak Street, a private equity real estate firm, for $950 million. By December 2021, Blue Owl expanded its footprint into Asia by acquiring Ascentium Group, a business development office based in Hong Kong.

In October 2022, Blue Owl increased its office locations by establishing new sites in Greenwich, Connecticut, and New Jersey. Further expanding its private credit portfolio, in July 2024 the firm agreed to acquire Atalaya Capital Management.

Business overview

Blue Owl operates through three primary divisions:

GP Strategic Capital (previously Dyal Capital)

Founded in 2011 by former Lehman Brothers executives Michael Rees and Sean Ward, Dyal Capital was integrated into Neuberger Berman at inception. Following the merger that created Blue Owl, Neuberger Berman continues to hold an ownership interest.

Dyal Capital focuses on providing capital to hedge funds and private equity firms by purchasing minority stakes. Its investment portfolio includes interests in leading firms such as:

• Bridgepoint Group
• Clearlake Capital
• Energy Capital Partners
• Golub Capital
• H.I.G. Capital
• HPS Investment Partners
• ICONIQ Capital
• JANA Partners LLC
• KPS Capital Partners
• MBK Partners
• Providence Equity
• Silver Lake
• Sixth Street Partners
• Starwood Capital Group
• Stonepeak
• Waterfall Asset Management
• Vista Equity Partners

In July 2021, Dyal expanded into sports investments by acquiring minority stakes in NBA franchises Phoenix Suns and Sacramento Kings.

Plans for an initial public offering of Dyal Capital on the London Stock Exchange were announced by Blue Owl in March 2022.

By June 2023, Bloomberg reported that Dyal Capital would be rebranded as Blue Owl GP Strategic Capital following internal disputes that led to Rees’s departure; the original name had personal significance linked to his children.

Funds

Fund	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	2022	USD 13,000

Real Estate (formerly Oak Street)

Oak Street was established in Chicago in 2009 by Marc Zahr and James Hennessey as a private equity real estate firm focused on sale-leaseback transactions.

In August 2021, Oak Street purchased The Bow skyscraper located in Calgary for $1.2 billion. The following year in September 2022, it collaborated with Singapore’s GIC to acquire Store Capital for $14 billion.

Credit (previously known as Owl Rock)

Established in 2016 by Doug Ostrover, a co-founder of GSO Capital Partners, along with Marc Lipschultz, formerly a partner at KKR, and Craig Packer, an ex-Goldman Sachs professional, Owl Rock specializes in private credit and direct lending within the middle market. Among its distinguished clientele are George Soros, Brown University, and the South Carolina state government.