Blue Owl Capital

Last updated

Blue Owl Capital Inc.
Company type Public company
Industry Financial services
FoundedMay 19, 2021;2 years ago (2021-05-19) [1] [2]
Founders
  • Doug Ostrover [1]
  • Marc Lipschultz
  • Michael Rees
  • Craig Packer
Headquarters 399 Park Avenue,
New York City
,
United States
Products
RevenueIncrease2.svg US$823.88 million (December 31, 2021)
Decrease2.svg US$1.80 billion (December 31, 2021)
AUM Increase2.svg US$165 billion (December 31, 2023)
Total assets Increase2.svg US$8.27 billion (December 31, 2021)
Total equity Increase2.svg US$5.85 billion (December 31, 2021)
Number of employees
685 (December 31, 2023)
Website www.blueowl.com
Footnotes /references
[3]

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

Contents

The company is headquartered in New York City with additional offices in Hong Kong, Singapore, and elsewhere.

History

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]

Business overview

Blue Owl has three business units:

GP Strategic Capital (formerly Dyal Capital)

Dyal Capital was formed in 2011 by Michael Rees and Sean Ward who were both formerly of Lehman Brothers. [2] [15] [16] 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] [15] [16]

Dyal Capital provides financing to hedge funds and private equity firms by acquiring minority interests in them. [7] [15] [16] Firms it has acquired interests in include:

In July 2021, Dyal Capital acquired minority stakes in the NBA teams, Phoenix Suns and Sacramento Kings. [24] [25]

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. [26]

Funds

Fund [27] Vintage YearCommitted Capital ($m)
Dyal Capital Partners2012USD 1,280
Dyal Capital Partners II2014USD 837
Dyal Capital Partners III2017USD 5,300
Dyal Capital Partners IV2019USD 9,000
Dyal Capital Partners V [28] 2022USD 13,000

Real Estate (formerly Oak Street)

Oak Street was founded in 2009 by Marc Zahr and James Hennessey. [10] [29] [12]

Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks. [7] [29] [12]

In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion. [30] In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. [31]

Credit (formerly Owl Rock)

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] [32]

The firm is a middle market Private credit direct lending firm that deals with credit investments. [2] [32] [7] Its clients include George Soros, Brown University and the state of South Carolina. [32]

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References

  1. 1 2 3 4 5 6 7 "Owl Rock, Dyal Capital to merge in $12 billion deal". Pensions & Investments. December 23, 2020.
  2. 1 2 3 4 5 6 7 8 9 10 Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal.
  3. ↑ "Annual Report 2021" (PDF).
  4. 1 2 Dorbian, Iris (May 20, 2021). "Blue Owl goes public on NYSE". PE Hub. Retrieved October 17, 2022.
  5. 1 2 "The Biggest IPOs of 2021". Morningstar, Inc. December 15, 2021. Retrieved October 17, 2022.
  6. 1 2 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. 1 2 3 4 5 6 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. 1 2 "Oak Street Real Estate Capital To be Acquired by Blue Owl Capital". www.willkie.com. Retrieved October 17, 2022.
  11. 1 2 Basak, Sonali (March 4, 2022). "Blue Owl Capital Plans London IPO of Dyal Assets". www.bloomberg.com. Retrieved October 17, 2022.
  12. 1 2 3 "Chicago sale-leaseback specialist selling for $950 million". Crain's Chicago Business. October 18, 2021. Retrieved October 17, 2022.
  13. 1 2 "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. 1 2 3 4 5 6 7 "Michael Rees: how a private equity chief turned the tables on his peers". Financial Times. July 22, 2021. Retrieved October 17, 2022.
  16. 1 2 3 "Lehman spinout profits from buying into buyout groups". Financial Times. January 4, 2019. Retrieved October 17, 2022.
  17. ↑ "Dyal Capital Partners takes stake in Bridgepoint". Pensions & Investments. August 13, 2018. Retrieved October 19, 2022.
  18. ↑ "Clearlake Attracts Minority Investment From Dyal, Goldman, Landmark". Institutional Investor.
  19. 1 2 3 4 "Price of alternative investment companies hotly debated". Financial Times. March 19, 2017. Retrieved December 1, 2022.
  20. ↑ "Wealth Firm for Silicon Valley Billionaires Sets Up in London". Bloomberg.com. February 15, 2021. Retrieved December 1, 2022.
  21. ↑ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". Bloomberg.com. January 12, 2022. Retrieved December 1, 2022.
  22. ↑ TSSP. "TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners". www.prnewswire.com. Retrieved December 1, 2022.
  23. ↑ 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)
  24. ↑ Basak, Sonali (July 6, 2021). "Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion". www.bloomberg.com. Retrieved October 17, 2022.
  25. ↑ 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.
  26. ↑ 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.
  27. ↑ "Blue Owl Capital | Palico". www.palico.com. Retrieved October 22, 2022.
  28. ↑ 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.
  29. 1 2 "40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business". www.chicagobusiness.com. Retrieved October 17, 2022.
  30. ↑ "BREAKING: Calgary's Bow tower sold for $1.2 billion". Western Investor. Retrieved October 17, 2022.
  31. ↑ "GIC, Blue Owl Agree to Buy Store Capital for $14 Billion". Bloomberg.com. September 15, 2022. Retrieved February 4, 2023.
  32. 1 2 3 Wirz, Matt (February 13, 2020). "Behind the Rise of Owl Rock: Low Fees". Wall Street Journal. ISSN   0099-9660 . Retrieved October 17, 2022.
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