Company:Blue Owl Capital

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Short description: American alternative asset management firm
Blue Owl Capital Inc.
TypePublic company
  • NYSE: OWL (Class A)
  • Russell 1000 component
IndustryFinancial services
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]
Products
RevenueIncrease US$823.88 million (December 31, 2021)
Decrease US$1.80 billion (December 31, 2021)
AUMIncrease US$138 billion (December 31, 2022)
Total assetsIncrease US$8.27 billion (December 31, 2021)
Total equityIncrease US$5.85 billion (December 31, 2021)
Number of employees
545 (December 31, 2022)
Websitewww.blueowl.com
Footnotes / references
[4]

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][5][6][7][8]

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][9] 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][5][6][7][8]

On October 18, 2021, Blue Owl acquired Oak Street, a private equity real estate firm for $950 million.[8][10][11][12][13]

On December 13, 2021, Blue Owl acquired Ascentium Group, a business development office based in Hong Kong.[14] This was done as part of its plans to expand in Asia.[14]

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.[15]

Business overview

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

Blue Owl 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.[8][16][17] Firms it has acquired interests in include:

  • Bridgepoint Group[18]
  • Clearlake Capital[19]
  • Energy Capital Partners
  • Golub Capital[16]
  • H.I.G. Capital[20]
  • HPS Investment Partners
  • ICONIQ Capital[21]
  • JANA Partners LLC[16]
  • KPS Capital Partners[20]
  • MBK Partners[22]
  • Providence Equity[16]
  • Silver Lake[16][20]
  • Sixth Street Partners[23]
  • Starwood Capital Group[20]
  • Stonepeak
  • Vista Equity Partners[24]


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.[12]

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 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

Oak Street

Oak Street was founded in 2009 by Marc Zahr and James Hennessey.[11][30][13]

Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-leasebacks.[8][30][13]

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]

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][8] Its clients include George Soros, Brown University and the state of South Carolina.[33]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "Owl Rock, Dyal Capital to merge in $12 billion deal" (in en). December 23, 2020. https://www.pionline.com/money-management/owl-rock-dyal-capital-merge-12-billion-deal. 
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". https://www.wsj.com/articles/owl-rock-dyal-strike-deal-to-combine-and-go-public-11608733393?mod=article_inline. 
  3. ↑ "Homepage - Blue Owl". https://www.blueowl.com/. 
  4. ↑ "Annual Report 2021". https://d18rn0p25nwr6d.cloudfront.net/CIK-0001823945/5c486c48-d53e-4e8c-be35-30df837a543e.pdf. 
  5. ↑ 5.0 5.1 Dorbian, Iris (May 20, 2021). "Blue Owl goes public on NYSE" (in en-US). https://www.pehub.com/blue-owl-goes-public-on-nyse/. 
  6. ↑ 6.0 6.1 "The Biggest IPOs of 2021" (in en). December 15, 2021. https://www.morningstar.com/articles/1072332/the-biggest-ipos-of-2021. 
  7. ↑ 7.0 7.1 Gottfried, Miriam (June 23, 2021). "Blue Owl, Newest Private-Equity Creation, Sees Wisdom in Simplicity" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/blue-owl-newest-private-equity-creation-sees-wisdom-in-simplicity-11624440601. 
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 Beltran, Luisa. "Blue Owl's Stock Will Rise This Year, Analyst Says" (in en-US). https://www.barrons.com/articles/blue-owls-stock-51658355290. 
  9. ↑ Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/owl-rock-dyal-strike-deal-to-combine-and-go-public-11608733393. 
  10. ↑ "Blue Owl Capital to acquire Oak Street Real Estate Capital" (in en). October 18, 2021. https://www.pionline.com/alternatives/blue-owl-capital-acquire-oak-street-real-estate-capital. 
  11. ↑ 11.0 11.1 "Oak Street Real Estate Capital To be Acquired by Blue Owl Capital". https://www.willkie.com/news/2021/10/oak-street-real-estate-capital-to-be-acquired. 
  12. ↑ 12.0 12.1 Basak, Sonali (March 4, 2022). "Blue Owl Capital Plans London IPO of Dyal Assets". https://www.bloomberg.com/news/articles/2022-03-04/blue-owl-capital-is-said-to-plan-london-ipo-of-dyal-assets. 
  13. ↑ 13.0 13.1 13.2 "Chicago sale-leaseback specialist selling for $950 million" (in en-US). October 18, 2021. https://www.chicagobusiness.com/commercial-real-estate/oak-street-real-estate-capital-be-acquired-blue-owl-capital. 
  14. ↑ 14.0 14.1 "Blue Owl buys Ascentium Group as part of Asia expansion" (in en). December 13, 2021. https://www.pionline.com/alternatives/blue-owl-buys-ascentium-group-part-asia-expansion. 
  15. ↑ Wong, Natalie; Parmar, Hema; Kane, Lizzie (October 27, 2022). "Citadel, Blue Owl Expand in Connecticut in Bid to Cut Commutes". Bloomberg. https://www.bloomberg.com/news/articles/2022-10-27/wall-street-firms-are-expanding-offices-in-greenwich-other-nyc-suburbs?sref=CIpmV6x8. 
  16. ↑ 16.0 16.1 16.2 16.3 16.4 16.5 16.6 "Michael Rees: how a private equity chief turned the tables on his peers". Financial Times. July 22, 2021. https://www.ft.com/content/f63c2636-829c-48b1-9abb-288510cbf816. 
  17. ↑ 17.0 17.1 17.2 "Lehman spinout profits from buying into buyout groups". Financial Times. January 4, 2019. https://www.ft.com/content/8f5f3432-f7b9-11e8-af46-2022a0b02a6c. 
  18. ↑ "Dyal Capital Partners takes stake in Bridgepoint" (in en). August 13, 2018. https://www.pionline.com/article/20180813/ONLINE/180819981/dyal-capital-partners-takes-stake-in-bridgepoint. 
  19. ↑ "Clearlake Attracts Minority Investment From Dyal, Goldman, Landmark" (in en-gb). https://www.institutionalinvestor.com/article/b18dzgzcn8x2dj/clearlake-attracts-minority-investment-from-dyal,-goldman,-landmark. 
  20. ↑ 20.0 20.1 20.2 20.3 "Price of alternative investment companies hotly debated". Financial Times. March 19, 2017. https://www.ft.com/content/a4500d46-f90d-11e6-9516-2d969e0d3b65. 
  21. ↑ "Wealth Firm for Silicon Valley Billionaires Sets Up in London" (in en). Bloomberg.com. February 15, 2021. https://www.bloomberg.com/news/articles/2021-02-15/silicon-valley-wealth-adviser-iconiq-sets-up-european-outpost. 
  22. ↑ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital" (in en). Bloomberg.com. January 12, 2022. https://www.bloomberg.com/news/articles/2022-01-12/billionaire-michael-kim-s-pe-firm-sells-stake-to-dyal-capital. 
  23. ↑ TSSP. "TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners" (in en). https://www.prnewswire.com/news-releases/tpg-sixth-street-partners-tssp-announces-completion-of-strategic-minority-investment-by-dyal-capital-partners-300478258.html. 
  24. ↑ Tan, Hillary Canada, Juliet Chung and Gillian. "Vista Equity Sells Less-Than-20% Stake in Itself to Group Led By Dyal Capital" (in en-US). http://www.wsj.com/articles/vista-equity-to-sell-less-than-20-stake-in-itself-to-dyal-capital-1436901398. 
  25. ↑ Basak, Sonali (July 6, 2021). "Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion". https://www.bloomberg.com/news/articles/2021-07-06/dyal-buys-stake-in-phoenix-suns-valuing-team-at-1-55-billion. 
  26. ↑ Gottfried, Miriam (July 11, 2021). "WSJ News Exclusive | Dyal Capital Nears Deal for Minority Stake in Sacramento Kings" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/dyal-capital-nears-deal-for-minority-stake-in-sacramento-kings-sources-say-11626022932. 
  27. ↑ McNeely, Allison; Basak, Sonali (June 22, 2023). "Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud". Bloomberg. https://www.bloomberg.com/news/articles/2023-06-22/blue-owl-to-retire-its-owl-rock-dyal-brands-as-founders-feud?srnd=premium&sref=CIpmV6x8. 
  28. ↑ "Blue Owl Capital | Palico". https://www.palico.com/general-partners/blue-owl-capital/54f219b00e0649d28d2f7036e3b48e2b. 
  29. ↑ Basak, Sonali (October 15, 2022). "Blue Owl's Dyal Capital Is on Track to Raise Its Largest Fund Ever at $13 Billion". https://www.bloomberg.com/news/articles/2022-10-14/blue-owl-s-dyal-capital-nearing-a-13-billion-record-fund-close. 
  30. ↑ 30.0 30.1 "40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business". https://www.chicagobusiness.com/html-page/825626. 
  31. ↑ "BREAKING: Calgary's Bow tower sold for $1.2 billion" (in en). https://www.westerninvestor.com/alberta/breaking-calgarys-bow-tower-sold-for-12-billion-4205629. 
  32. ↑ "GIC, Blue Owl Agree to Buy Store Capital for $14 Billion" (in en). Bloomberg.com. September 15, 2022. https://www.bloomberg.com/news/articles/2022-09-15/gic-blue-owl-agree-to-buy-store-capital-for-14-billion-in-cash. 
  33. ↑ 33.0 33.1 33.2 Wirz, Matt (February 13, 2020). "Behind the Rise of Owl Rock: Low Fees" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/behind-the-rise-of-owl-rock-low-fees-11581598809. 

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