Blue Owl Capital

Last updated

Blue Owl Capital Inc.
Company type Public
Industry Financial services
FoundedMay 19, 2021;3 years ago (2021-05-19) [1] [2]
Founders
Headquarters 399 Park Avenue,
New York City
,
United States
Products
RevenueIncrease2.svg US$1.73 billion (2023)
Increase2.svg US$221 million (2023)
AUM Increase2.svg US$174.3 billion (2024)
Total assets Decrease2.svg US$8.82 billion (2023)
Total equity Decrease2.svg US$5.28 billion (2023)
Number of employees
725 (2024)
Website blueowl.com
Footnotes /references
Financials as of December 31,2023. [3]

Blue Owl Capital Inc. (also known as Blue Owl) 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]

Contents

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

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

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] [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

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

Real Estate (formerly Oak Street)

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)

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]

Related Research Articles

<span class="mw-page-title-main">Kohlberg Kravis Roberts</span> American investment manager

KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. As of December 31, 2023, the firm had completed more than 730 private equity investments in portfolio companies with approximately $710 billion of total enterprise value. As of December 31, 2023, assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

Bridgepoint Group plc is a British private investment company listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">CVC Capital Partners</span> British private equity and investment advisory firm

CVC Capital Partners plc is a Jersey-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European, and Asian private equity, secondaries, credit funds and infrastructure. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 850 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.

<span class="mw-page-title-main">The Abraaj Group</span> Private equity firm based in Dubai, UAE

The Abraaj Group was a private equity firm operating in six continents that is currently in liquidation due to accusations of fraud. The firm was founded by Pakistani businessman Arif Naqvi and was based in Dubai, United Arab Emirates.

<span class="mw-page-title-main">Francisco Partners</span> American private equity firm

Francisco Partners Management, L.P., doing business as Francisco Partners, is an American private equity firm focused exclusively on investments in technology and technology-enabled services businesses. It was founded in August 1999 and based in San Francisco with offices in London and New York City.

<span class="mw-page-title-main">Partners Group</span> Swiss-based global private equity firm

Partners Group Holding AG is a Swiss-based global private equity firm with US$149 billion in assets under management in private equity, private infrastructure, private real estate and private debt.

One Equity Partners is a private equity firm with over $10 billion in assets under management which primarily deals with the industrial, healthcare and technology sectors in North America and Europe. One Equity Partners was the merchant banking arm of JPMorgan Chase, focused on leveraged buyout and growth capital investments in middle-market companies. Formed by Bank One in 2001, the group has offices in New York City, Chicago, Sao Paulo, Vienna, Hong Kong and Frankfurt.

<span class="mw-page-title-main">Vista Equity Partners</span> American investment firm

Vista Equity Partners is an American private equity firm that invests in software, data, and technology-enabled businesses. With over $100 billion in assets under management (AUM), it is one of the largest private equity firms in the world. Vista Equity Partners has invested in hundreds of technology companies, including Citrix, SentinelOne, and Marketo, and has achieved many accolades in the space, most recently being named as 2023's Global Technology Private Equity Firm of the Year by Private Equity International.

DFO Management is an American family office that manages the capital of Michael Dell and his family. The firm, which is based in New York and has offices in Santa Monica and West Palm Beach, was formed in 1998.

Sixth Street is a global investment firm with around $75 billion in assets under management. The firm operates nine investment platforms across its growth investing, adjacencies, direct lending, fundamental public strategies, infrastructure, special situations, agriculture and par liquid credit businesses. Sixth Street invests in the equity and debt of public and private companies, acquires real estate, finances infrastructure projects, and provides start-up capital to new businesses. Sixth Street has been noted in the financial media for the unusual structure of its largest fund, which is open-ended and able to hold longer-term investments.

EQT Private Capital Asia (formerly known as Baring Private Equity Asia, BPEA and BPEA EQT) is an Asian investment firm headquartered in Hong Kong. It was founded in 1997 as an affiliate of Barings Bank before becoming an independent firm in 2000. In 2022, it was acquired by EQT AB to act as its Asian investment platform. EQT Private Capital Asia is one of the largest private equity firms in Asia.

<span class="mw-page-title-main">RRJ Capital</span> Hong Kong private equity firm

RRJ Capital is a private equity firm based in Singapore. It is one of the largest private equity firms based in Asia.

<span class="mw-page-title-main">ICONIQ Capital</span> American investment management firm based in San Francisco

ICONIQ Capital is an American investment management firm headquartered in San Francisco, California. It functions as a hybrid family office providing specialized financial advisory, private equity, venture capital, real estate, and philanthropic services to its clientele. ICONIQ Capital primarily serves ultra-high-net-worth clients working in technology, high finance, and entertainment. The firm operates in-house venture capital, growth equity, and charitable giving funds for its clients.

<span class="mw-page-title-main">Clearlake Capital</span> American private equity firm based in Santa Monica

Clearlake Capital Group, L.P. is a private equity firm founded in 2006 that focuses on the technology, industrial and consumer sectors. The firm is headquartered in Santa Monica with affiliates in Dallas, London and Dublin. In 2022, the firm was a part of an investor consortium named BlueCo that purchased Chelsea.

<span class="mw-page-title-main">FountainVest Partners</span> Chinese investment firm

FountainVest Partners is a Chinese investment firm based in Hong Kong that invests in the private markets. The firm focuses on China's media and entertainment, sports and consumer-related sectors although it has expanded into other areas in recent years.

<span class="mw-page-title-main">Stonepeak</span> American infrastructure investment firm

Stonepeak is an American investment firm headquartered in New York City. The firm focuses on investments in infrastructure and more recently real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore.

<span class="mw-page-title-main">HPS Investment Partners</span> American credit investment firm

HPS Investment Partners (HPS) is an American investment firm headquartered in New York City. The firm focuses on investments in private credit and public credit as well as private equity and real assets. Outside the United States, the firm also has offices in Europe, the Middle East and Asia-Pacific.

<span class="mw-page-title-main">Energy Capital Partners</span> American energy investment firm

Energy Capital Partners (ECP) is an American investment firm headquartered in Summit, New Jersey. It focuses on investments in the energy sector. The firm has additional offices in New York City, Houston, San Diego, Fort Lauderdale and Seoul.

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 2023". U.S. Securities and Exchange Commission. February 23, 2024.
  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. ↑ 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. 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.
  17. 1 2 3 "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. 1 2 3 4 "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. 1 2 "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. 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.