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Blue Owl Capital

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Blue Owl Capital Inc.
Company typePublic company
IndustryInvestment Management
FoundedMay 19, 2021; 3 years ago (2021-05-19)[1][2]
Founders
  • Doug Ostrover[1]
  • Marc Lipschultz
  • Michael Rees
  • Craig Packer
Headquarters399 Park Avenue,
New York City
,
United States
Number of locations
10 offices[3]
ProductsPrivate equity
Private equity real estate
Private credit
RevenueIncrease US$823.88 million (FY 2021)
Decrease US$1.80 billion (FY 2021)
AUMIncrease US$119.1 billion (Q2 2022)[4]
Total assetsIncrease US$8.27 billion (FY 2021)
Total equityIncrease US$5.85 billion (FY 2021)
Number of employees
Increase 450 (2022)
Websitewww.blueowl.com
Footnotes / references
[5]

Blue Owl Capital (also known as Blue Owl) is an American alternative investment asset management firm. It is currently listed on the New York Stock Exchange under the ticker symbol: "OWL".[1][2][6][7][8][9]

The firm 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][10] 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][6][7][8][9]

On October 18, 2021, Blue Owl acquired Oak Street, a private equity real estate firm for $950 million.[9][11][12][13][14]

On December 13, 2021, Blue Owl acquired Ascentium Group, a business development office based in Hong Kong.[15] This was done as part of its plans to expand in Asia.[15]

In March 2022, Blue Owl announced it planned to hold an IPO for Dyal Capital on the London Stock Exchange.[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.[16]

Business overview

Blue Owl has three business units: Dyal Capital, Oak Street and Owl Rock.

Dyal Capital

Dyal Capital was formed in 2011 by Michael Rees and Sean Ward who were both formerly of Lehman Brothers.[2][17][18] 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][17][18]

Dyal Capital provides financing to hedge funds and private equity firms by acquiring minority interests in them.[9][17][18] 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]

Funds

Fund[27] 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[28] 2022 USD 13,000

Oak Street

Oak Street was founded in 2009 by Marc Zahr and James Hennessey.[12][29][14]

Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks.[9][29][14]

In August 2021, Oak Street acquired The Bow in Calgary for $1.2 billion.[30]

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][31]

The firm is a middle market Private credit direct lending firm that deals with credit investments.[2][31][9] Its clients include George Soros, Brown University and the state of South Carolina.[31]

References

  1. ^ a b c d e f g "Owl Rock, Dyal Capital to merge in $12 billion deal". Pensions & Investments. 23 December 2020.
  2. ^ a b c d e f g h i j Gottfried, Cara Lombardo and Miriam (23 December 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal.
  3. ^ "Homepage - Blue Owl".
  4. ^ "Blue Owl's AUM up 17% for quarter, rises 91% for year". Pensions & Investments. 5 August 2022.
  5. ^ "Annual Report 2021" (PDF).
  6. ^ a b Dorbian, Iris (2021-05-20). "Blue Owl goes public on NYSE". PE Hub. Retrieved 2022-10-17.
  7. ^ a b "The Biggest IPOs of 2021". Morningstar, Inc. 2021-12-15. Retrieved 2022-10-17.
  8. ^ a b Gottfried, Miriam (2021-06-23). "Blue Owl, Newest Private-Equity Creation, Sees Wisdom in Simplicity". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-17.
  9. ^ a b c d e f Beltran, Luisa. "Blue Owl's Stock Will Rise This Year, Analyst Says". www.barrons.com. Retrieved 2022-10-17.
  10. ^ Gottfried, Cara Lombardo and Miriam (2020-12-23). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-17.
  11. ^ "Blue Owl Capital to acquire Oak Street Real Estate Capital". Pensions & Investments. 2021-10-18. Retrieved 2022-10-17.
  12. ^ a b "Oak Street Real Estate Capital To be Acquired by Blue Owl Capital". www.willkie.com. Retrieved 2022-10-17.
  13. ^ a b Basak, Sonali (March 4, 2022). "Blue Owl Capital Plans London IPO of Dyal Assets". www.bloomberg.com. Retrieved 2022-10-17.
  14. ^ a b c "Chicago sale-leaseback specialist selling for $950 million". Crain's Chicago Business. 2021-10-18. Retrieved 2022-10-17.
  15. ^ a b "Blue Owl buys Ascentium Group as part of Asia expansion". Pensions & Investments. 2021-12-13. Retrieved 2022-10-17.
  16. ^ Wong, Natalie; Parmar, Hema; Kane, Lizzie (27 October 2022). "Citadel, Blue Owl Expand in Connecticut in Bid to Cut Commutes". Bloomberg. Retrieved 27 October 2022.
  17. ^ a b c d e f g "Michael Rees: how a private equity chief turned the tables on his peers". Financial Times. 2021-07-22. Retrieved 2022-10-17.
  18. ^ a b c "Lehman spinout profits from buying into buyout groups". Financial Times. 2019-01-04. Retrieved 2022-10-17.
  19. ^ "Dyal Capital Partners takes stake in Bridgepoint". Pensions & Investments. 2018-08-13. Retrieved 2022-10-19.
  20. ^ a b c d "Price of alternative investment companies hotly debated". Financial Times. 2017-03-19. Retrieved 2022-12-01.
  21. ^ "Wealth Firm for Silicon Valley Billionaires Sets Up in London". Bloomberg.com. 2021-02-15. Retrieved 2022-12-01.
  22. ^ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". Bloomberg.com. 2022-01-12. Retrieved 2022-12-01.
  23. ^ TSSP. "TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners". www.prnewswire.com. Retrieved 2022-12-01.
  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 2022-12-01.{{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 2022-10-17.
  26. ^ Gottfried, Miriam (2021-07-11). "WSJ News Exclusive | Dyal Capital Nears Deal for Minority Stake in Sacramento Kings". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-17.
  27. ^ "Blue Owl Capital | Palico". www.palico.com. Retrieved 2022-10-22.
  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 2022-10-22.
  29. ^ a b "40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business". www.chicagobusiness.com. Retrieved 2022-10-17.
  30. ^ "BREAKING: Calgary's Bow tower sold for $1.2 billion". Western Investor. Retrieved 2022-10-17.
  31. ^ a b c Wirz, Matt (2020-02-13). "Behind the Rise of Owl Rock: Low Fees". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-17.
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