Owl Rock and Dyal Complete Merger, Form $53 Billion Blue Owl Capital
Owl Rock Capital Group, an alternative asset management firm, and Dyal Capital Partners, a division of Neuberger Berman Group LLC, have merged to form Blue Owl Capital Inc.
Owl Rock Capital Group, an alternative asset management firm, and Dyal Capital Partners, a division of Neuberger Berman Group LLC, have merged to form Blue Owl Capital Inc. (NYSE: OWL), a publicly-traded alternative asset management firm with more than $52.5 billion in assets under management, as of March 31, 2021.
Blue Owl entered the public market through a business combination with Acquisition Corporation (formerly NYSE: ATAC), a special purpose acquisition company sponsored by an affiliate of HPS Investment Partners LLC.
Doug Ostrover, co-founder of Owl Rock, serves as chief executive officer of Blue Owl. Michael Rees, Dyal founder, and Marc Lipschultz, Owl Rock co-founder, serve as co-presidents, Alan Kirshenbaum serves as chief financial officer.
Owl Rock manages one publicly traded business development company, Owl Rock Capital Corporation (NYSE: ORCC), and four non-traded BDCs, including Owl Rock Capital Corporation II, Owl Rock Capital Corporation III, Owl Rock Technology Finance Corp., and Owl Rock Core Income Corp.
Craig Packer, an Owl Rock co-founder, will continue as CEO of the Owl Rock BDCs, which will not undertake any change to their investment strategies, team or process from the transaction.
“We look forward to building on our continued success at Owl Rock and delivering the benefits of our enhanced capabilities from the combination to our BDC investors,” said Packer. “While our broader platform’s name has changed, the Owl Rock investment team and approach will remain the same as it has since inception and we will continue our focus of providing attractive risk-adjusted returns to our shareholders.”
Each BDC entered into a new investment advisory agreement and administration agreement with its registered investment adviser, Owl Rock Adviser. The agreements were previously approved by each BDC’s shareholders at a special meeting on March 17, 2021. The terms of the new agreements are identical to the prior agreements.
Blue Owl Capital is an alternative asset manager that provides investors access to direct lending and GP capital solutions strategies through a variety of vehicles.
