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Blue Owl Capital

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Blue Owl Capital Inc.
Company typePublic
IndustryFinancial services
FoundedMay 19, 2021; 3 years ago (2021-05-19)[1][2]
Founders
Headquarters399 Park Avenue,
New York City
,
United States
Products
RevenueIncrease US$1.73 billion (2023)
Increase US$221 million (2023)
AUMIncrease US$174.3 billion (2024)
Total assetsDecrease US$8.82 billion (2023)
Total equityDecrease US$5.28 billion (2023)
Number of employees
725 (2024)
Websiteblueowl.com
Footnotes / references
Financials as of December 31, 2023.[3]

Blue Owl Capital Inc. is an American alternative investment asset management company. It is listed on the New York Stock Exchange under the ticker symbol: "OWL".[1][2][4][5][6][7]

The company is headquartered in New York City with additional offices around the world, including London, Dubai, and Hong Kong, among other major cities.

History

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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][8] 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]

On May 19, 2021, the transaction was completed and Blue Owl was listed on the New York Stock Exchange.[1][2][4][5][6][7]

On October 18, 2021, Blue Owl acquired Oak Street, a private equity real estate firm for $950 million.[7][9][10][11][12]

On December 13, 2021, Blue Owl acquired Ascentium Group, a business development office based in Hong Kong.[13] This was done as part of its plans to expand in Asia.[13]

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.[14]

The company entered into an agreement to purchase a private credit firm, Atalaya Capital Management, in July 2024.[15]

Business overview

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Blue Owl has three business units:

GP Strategic Capital (formerly Dyal Capital)

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Dyal Capital was formed in 2011 by Michael Rees and Sean Ward who were both formerly of Lehman Brothers.[2][16][17] 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][16][17]

Dyal Capital provides financing to hedge funds and private equity firms by acquiring minority interests in them.[7][16][17] Firms it has acquired interests in include:

In July 2021, Dyal Capital acquired minority stakes in the NBA teams, Phoenix Suns and Sacramento Kings.[25][26]

In March 2022, Blue Owl announced it planned to hold an IPO for Dyal Capital on the London Stock Exchange.[11]

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.[27]

Funds

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Fund[28] 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[29] 2022 USD 13,000

Real Estate (formerly Oak Street)

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Oak Street was founded in 2009 by Marc Zahr and James Hennessey.[10][30][12]

Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks.[7][30][12]

In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion.[31] In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion.[32]

Credit (formerly Owl Rock)

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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][33]

The firm is a middle market Private credit direct lending firm that deals with credit investments.[2][33][7] Its clients include George Soros, Brown University and the state of South Carolina.[33]

References

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  1. ^ a b c d e f g "Owl Rock, Dyal Capital to merge in $12 billion deal". Pensions & Investments. December 23, 2020.
  2. ^ a b c d e f g h i j Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal.
  3. ^ "Annual Report 2023". U.S. Securities and Exchange Commission. February 23, 2024.
  4. ^ a b Dorbian, Iris (May 20, 2021). "Blue Owl goes public on NYSE". PE Hub. Retrieved October 17, 2022.
  5. ^ a b "The Biggest IPOs of 2021". Morningstar, Inc. December 15, 2021. Retrieved October 17, 2022.
  6. ^ a b Gottfried, Miriam (June 23, 2021). "Blue Owl, Newest Private-Equity Creation, Sees Wisdom in Simplicity". Wall Street Journal. ISSN 0099-9660. Retrieved October 17, 2022.
  7. ^ a b c d e f Beltran, Luisa. "Blue Owl's Stock Will Rise This Year, Analyst Says". www.barrons.com. Retrieved October 17, 2022.
  8. ^ Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal. ISSN 0099-9660. Retrieved October 17, 2022.
  9. ^ "Blue Owl Capital to acquire Oak Street Real Estate Capital". Pensions & Investments. October 18, 2021. Retrieved October 17, 2022.
  10. ^ a b "Oak Street Real Estate Capital To be Acquired by Blue Owl Capital". www.willkie.com. Retrieved October 17, 2022.
  11. ^ a b Basak, Sonali (March 4, 2022). "Blue Owl Capital Plans London IPO of Dyal Assets". www.bloomberg.com. Retrieved October 17, 2022.
  12. ^ a b c "Chicago sale-leaseback specialist selling for $950 million". Crain's Chicago Business. October 18, 2021. Retrieved October 17, 2022.
  13. ^ a b "Blue Owl buys Ascentium Group as part of Asia expansion". Pensions & Investments. December 13, 2021. Retrieved October 17, 2022.
  14. ^ Wong, Natalie; Parmar, Hema; Kane, Lizzie (October 27, 2022). "Citadel, Blue Owl Expand in Connecticut in Bid to Cut Commutes". Bloomberg. Retrieved October 27, 2022.
  15. ^ Basak, Sonali; Natarajan, Sridhar; Tan, Gillian (July 16, 2024). "Blue Owl to Buy Atalaya in Deeper Push Into Private Credit". Bloomberg. Retrieved July 17, 2024.
  16. ^ a b c d e f g "Michael Rees: how a private equity chief turned the tables on his peers". Financial Times. July 22, 2021. Retrieved October 17, 2022.
  17. ^ a b c "Lehman spinout profits from buying into buyout groups". Financial Times. January 4, 2019. Retrieved October 17, 2022.
  18. ^ "Dyal Capital Partners takes stake in Bridgepoint". Pensions & Investments. August 13, 2018. Retrieved October 19, 2022.
  19. ^ "Clearlake Attracts Minority Investment From Dyal, Goldman, Landmark". Institutional Investor. May 29, 2018.
  20. ^ a b c d "Price of alternative investment companies hotly debated". Financial Times. March 19, 2017. Retrieved December 1, 2022.
  21. ^ "Wealth Firm for Silicon Valley Billionaires Sets Up in London". Bloomberg.com. February 15, 2021. Retrieved December 1, 2022.
  22. ^ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". Bloomberg.com. January 12, 2022. Retrieved December 1, 2022.
  23. ^ TSSP. "TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners". www.prnewswire.com (Press release). Retrieved December 1, 2022.
  24. ^ Tan, Hillary Canada, Juliet Chung and Gillian. "Vista Equity Sells Less-Than-20% Stake in Itself to Group Led By Dyal Capital". WSJ. Retrieved December 1, 2022.{{cite web}}: CS1 maint: multiple names: authors list (link)
  25. ^ Basak, Sonali (July 6, 2021). "Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion". www.bloomberg.com. Retrieved October 17, 2022.
  26. ^ Gottfried, Miriam (July 11, 2021). "WSJ News Exclusive | Dyal Capital Nears Deal for Minority Stake in Sacramento Kings". Wall Street Journal. ISSN 0099-9660. Retrieved October 17, 2022.
  27. ^ McNeely, Allison; Basak, Sonali (June 22, 2023). "Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud". Bloomberg. Retrieved June 22, 2023.
  28. ^ "Blue Owl Capital | Palico". www.palico.com. Retrieved October 22, 2022.
  29. ^ Basak, Sonali (October 15, 2022). "Blue Owl's Dyal Capital Is on Track to Raise Its Largest Fund Ever at $13 Billion". www.bloomberg.com. Retrieved October 22, 2022.
  30. ^ a b "40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business". www.chicagobusiness.com. Retrieved October 17, 2022.
  31. ^ "BREAKING: Calgary's Bow tower sold for $1.2 billion". Western Investor. August 9, 2021. Retrieved October 17, 2022.
  32. ^ "GIC, Blue Owl Agree to Buy Store Capital for $14 Billion". Bloomberg.com. September 15, 2022. Retrieved February 4, 2023.
  33. ^ a b c Wirz, Matt (February 13, 2020). "Behind the Rise of Owl Rock: Low Fees". Wall Street Journal. ISSN 0099-9660. Retrieved October 17, 2022.
[edit]
  • Official website
  • Business data for Blue Owl Capital Inc.:
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