View source for Blue Owl Capital

{{Short description|American alternative asset management firm}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| name = Blue Owl Capital Inc.
| logo = Blue_Owl_Capital_Logo.svg
| image =
| image_caption = Headquarters at [[399 Park Avenue]]
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NYSE|OWL}} (Class A)|[[Russell 1000]] component}}
| industry = [[Financial services]]
| founded = {{Start date and age|2021|05|19|}}<ref name="PIO">{{cite web |title=Owl Rock, Dyal Capital to merge in $12 billion deal |url=https://www.pionline.com/money-management/owl-rock-dyal-capital-merge-12-billion-deal |website=Pensions & Investments |language=en |date=December 23, 2020}}</ref><ref name="WSJ">{{cite web |last1=Gottfried |first1=Cara Lombardo and Miriam |title=Owl Rock, Dyal Strike Deal to Combine and Go Public |url=https://www.wsj.com/articles/owl-rock-dyal-strike-deal-to-combine-and-go-public-11608733393?mod=article_inline |website=Wall Street Journal |date=December 23, 2020}}</ref>
| founders = {{Unbulleted list
| Doug Ostrover<ref name="PIO"/>
| Marc Lipschultz
| [[Michael Rees (businessman)|Michael Rees]]
| Craig Packer
}}
| hq_location = [[399 Park Avenue]]
| hq_location_city = New York City
| hq_location_country = United States
| products = {{ubl|[[Private equity]]|[[Private equity real estate]]|[[Private credit]]}}
| revenue = {{increase}} US$1.73&nbsp;billion (2023)
| net_income = {{increase}} US$221&nbsp;million (2023)
| aum = {{increase}} US$174.3&nbsp;billion (2024)
| assets = {{decrease}} US$8.82&nbsp;billion (2023)
| equity = {{decrease}} US$5.28&nbsp;billion (2023)
| num_employees = 725 (2024)
| website = {{URL|blueowl.com}}
| footnotes = Financials {{as of|2023|12|31|lc=y|df=US}}.<ref name="FY2023">{{cite web |title=Annual Report 2023 |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1823945/000182394524000016/owl-20231231.htm |date=February 23, 2024 |publisher=U.S. Securities and Exchange Commission}}</ref>
}}
'''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".<ref name="PIO"/><ref name="WSJ"/><ref name=":0">{{Cite web |last=Dorbian |first=Iris |date=May 20, 2021 |title=Blue Owl goes public on NYSE |url=https://www.pehub.com/blue-owl-goes-public-on-nyse/ |access-date=October 17, 2022 |website=PE Hub |language=en-US}}</ref><ref name=":1">{{Cite web |date=December 15, 2021 |title=The Biggest IPOs of 2021 |url=https://www.morningstar.com/articles/1072332/the-biggest-ipos-of-2021 |access-date=October 17, 2022 |website=Morningstar, Inc. |language=en}}</ref><ref name=":2">{{Cite news |last=Gottfried |first=Miriam |date=June 23, 2021 |title=Blue Owl, Newest Private-Equity Creation, Sees Wisdom in Simplicity |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/blue-owl-newest-private-equity-creation-sees-wisdom-in-simplicity-11624440601 |access-date=October 17, 2022 |issn=0099-9660 |ref=WSJ2}}</ref><ref name=":5">{{Cite web |last=Beltran |first=Luisa |title=Blue Owl's Stock Will Rise This Year, Analyst Says |url=https://www.barrons.com/articles/blue-owls-stock-51658355290 |access-date=October 17, 2022 |website=www.barrons.com |language=en-US}}</ref>
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.<ref name="PIO" /><ref name="WSJ" /> The two firms would combine with a [[special-purpose acquisition company]], Altimar Acquisition Corp to form Blue Owl.<ref name="PIO" /><ref name="WSJ" /><ref>{{Cite news |last=Gottfried |first=Cara Lombardo and Miriam |date=December 23, 2020 |title=Owl Rock, Dyal Strike Deal to Combine and Go Public |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/owl-rock-dyal-strike-deal-to-combine-and-go-public-11608733393 |access-date=October 17, 2022 |issn=0099-9660}}</ref> The deal was valued at $12.2&nbsp;billion which included a $1.5&nbsp;billion commitment from investors such as [[ICONIQ Capital]], [[Federated Hermes]] and [[Liberty Mutual]].<ref name="PIO" /><ref name="WSJ" />
On May 19, 2021, the transaction was completed and Blue Owl was listed on the New York Stock Exchange.<ref name="PIO" /><ref name="WSJ" /><ref name=":0" /><ref name=":1" /><ref name=":2" /><ref name=":5" />
On October 18, 2021, Blue Owl acquired Oak Street, a [[private equity real estate]] firm for $950&nbsp;million.<ref name=":5" /><ref>{{Cite web |date=October 18, 2021 |title=Blue Owl Capital to acquire Oak Street Real Estate Capital |url=https://www.pionline.com/alternatives/blue-owl-capital-acquire-oak-street-real-estate-capital |access-date=October 17, 2022 |website=Pensions & Investments |language=en}}</ref><ref name=":8">{{Cite web |title=Oak Street Real Estate Capital To be Acquired by Blue Owl Capital |url=https://www.willkie.com/news/2021/10/oak-street-real-estate-capital-to-be-acquired |access-date=October 17, 2022 |website=www.willkie.com}}</ref><ref name=":3">{{Cite web |last=Basak |first=Sonali |date=March 4, 2022 |title=Blue Owl Capital Plans London IPO of Dyal Assets |url=https://www.bloomberg.com/news/articles/2022-03-04/blue-owl-capital-is-said-to-plan-london-ipo-of-dyal-assets |access-date=October 17, 2022 |website=www.bloomberg.com}}</ref><ref name=":11">{{Cite web |date=October 18, 2021 |title=Chicago sale-leaseback specialist selling for $950 million |url=https://www.chicagobusiness.com/commercial-real-estate/oak-street-real-estate-capital-be-acquired-blue-owl-capital |access-date=October 17, 2022 |website=Crain's Chicago Business |language=en-US}}</ref>
On December 13, 2021, Blue Owl acquired Ascentium Group, a business development office based in [[Hong Kong]].<ref name=":10">{{Cite web |date=December 13, 2021 |title=Blue Owl buys Ascentium Group as part of Asia expansion |url=https://www.pionline.com/alternatives/blue-owl-buys-ascentium-group-part-asia-expansion |access-date=October 17, 2022 |website=Pensions & Investments |language=en}}</ref> This was done as part of its plans to expand in Asia.<ref name=":10" />
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.<ref>{{cite news |last1=Wong |first1=Natalie |last2=Parmar |first2=Hema |last3=Kane |first3=Lizzie |title=Citadel, Blue Owl Expand in Connecticut in Bid to Cut Commutes |url=https://www.bloomberg.com/news/articles/2022-10-27/wall-street-firms-are-expanding-offices-in-greenwich-other-nyc-suburbs?sref=CIpmV6x8 |access-date=October 27, 2022 |work=Bloomberg |date=October 27, 2022}}</ref>
The company entered into an agreement to purchase a private credit firm, Atalaya Capital Management, in July 2024.<ref>{{cite news |last1=Basak |first1=Sonali |last2=Natarajan |first2=Sridhar |last3=Tan |first3=Gillian |title=Blue Owl to Buy Atalaya in Deeper Push Into Private Credit |url=https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets |access-date=17 July 2024 |work=Bloomberg |date=16 July 2024}}</ref>
== Business overview ==
Blue Owl has three business units:
=== GP Strategic Capital (formerly Dyal Capital) ===
Dyal Capital was formed in 2011 by [[Michael Rees (businessman)|Michael Rees]]  and Sean Ward who were both formerly of [[Lehman Brothers]].<ref name="WSJ" /><ref name=":6">{{Cite news |date=July 22, 2021 |title=Michael Rees: how a private equity chief turned the tables on his peers |work=Financial Times |url=https://www.ft.com/content/f63c2636-829c-48b1-9abb-288510cbf816 |access-date=October 17, 2022}}</ref><ref name=":7">{{Cite news |date=January 4, 2019 |title=Lehman spinout profits from buying into buyout groups |work=Financial Times |url=https://www.ft.com/content/8f5f3432-f7b9-11e8-af46-2022a0b02a6c |access-date=October 17, 2022}}</ref> Since inception, the firm has been part of [[Neuberger Berman]] which currently retains a stake in Blue Owl as a result of the merger.<ref name="WSJ" /><ref name=":6" /><ref name=":7" />
Dyal Capital provides financing to [[hedge fund]]s and [[Private-equity firm|private equity firms]] by acquiring [[minority interest]]s in them.<ref name=":5" /><ref name=":6" /><ref name=":7" /> Firms it has acquired interests in include:
{{div col|colwidth=20em}}
* [[Bridgepoint Group]]<ref>{{Cite web |date=August 13, 2018 |title=Dyal Capital Partners takes stake in Bridgepoint |url=https://www.pionline.com/article/20180813/ONLINE/180819981/dyal-capital-partners-takes-stake-in-bridgepoint |access-date=October 19, 2022 |website=Pensions & Investments |language=en}}</ref>
* [[Clearlake Capital]]<ref>{{cite web |title=Clearlake Attracts Minority Investment From Dyal, Goldman, Landmark |url=https://www.institutionalinvestor.com/article/b18dzgzcn8x2dj/clearlake-attracts-minority-investment-from-dyal,-goldman,-landmark |website=Institutional Investor |date=May 29, 2018 |language=en-gb}}</ref>
* [[Energy Capital Partners]]
* [[Golub Capital]]<ref name=":6" />
* [[H.I.G. Capital]]<ref name=":12">{{Cite news |date=March 19, 2017 |title=Price of alternative investment companies hotly debated |work=Financial Times |url=https://www.ft.com/content/a4500d46-f90d-11e6-9516-2d969e0d3b65 |access-date=December 1, 2022}}</ref>
* [[HPS Investment Partners]]
* [[ICONIQ Capital]]<ref>{{Cite news |date=February 15, 2021 |title=Wealth Firm for Silicon Valley Billionaires Sets Up in London |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-02-15/silicon-valley-wealth-adviser-iconiq-sets-up-european-outpost |access-date=December 1, 2022}}</ref>
* [[JANA Partners LLC]]<ref name=":6" />
* [[KPS Capital Partners]]<ref name=":12" />
* [[MBK Partners]]<ref>{{Cite news |date=January 12, 2022 |title=Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-01-12/billionaire-michael-kim-s-pe-firm-sells-stake-to-dyal-capital |access-date=December 1, 2022}}</ref>
* [[Providence Equity]]<ref name=":6" />
* [[Silver Lake (investment firm)|Silver Lake]]<ref name=":6" /><ref name=":12" />
* [[Sixth Street Partners]]<ref>{{Cite press release |last=TSSP |title=TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners |url=https://www.prnewswire.com/news-releases/tpg-sixth-street-partners-tssp-announces-completion-of-strategic-minority-investment-by-dyal-capital-partners-300478258.html |access-date=December 1, 2022 |website=www.prnewswire.com |language=en}}</ref>
* [[Starwood Capital Group]]<ref name=":12" />
* [[Stonepeak]]
* [[Waterfall Asset Management]]
* [[Vista Equity Partners]]<ref>{{Cite web |last=Tan |first=Hillary Canada, Juliet Chung and Gillian |title=Vista Equity Sells Less-Than-20% Stake in Itself to Group Led By Dyal Capital |url=http://www.wsj.com/articles/vista-equity-to-sell-less-than-20-stake-in-itself-to-dyal-capital-1436901398 |access-date=December 1, 2022 |website=WSJ |language=en-US}}</ref>
{{div col end}}
In July 2021, Dyal Capital acquired minority stakes in the [[National Basketball Association|NBA]] teams, [[Phoenix Suns]] and [[Sacramento Kings]].<ref>{{Cite web |last=Basak |first=Sonali |date=July 6, 2021 |title=Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion |url=https://www.bloomberg.com/news/articles/2021-07-06/dyal-buys-stake-in-phoenix-suns-valuing-team-at-1-55-billion |access-date=October 17, 2022 |website=www.bloomberg.com}}</ref><ref>{{Cite news |last=Gottfried |first=Miriam |date=July 11, 2021 |title=WSJ News Exclusive {{!}} Dyal Capital Nears Deal for Minority Stake in Sacramento Kings |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/dyal-capital-nears-deal-for-minority-stake-in-sacramento-kings-sources-say-11626022932 |access-date=October 17, 2022 |issn=0099-9660}}</ref>
In March 2022, Blue Owl announced it planned to hold an IPO for Dyal Capital on the [[London Stock Exchange]].<ref name=":3" />
In June 2023, Bloomberg reported that Dyal Capital would be renamed to Blue Owl GP Strategic Capital due to tensions among the co-founders where Rees was asked to resign. Dyal Capital came from the name of his children.<ref>{{cite news |last1=McNeely |first1=Allison |last2=Basak |first2=Sonali |date=June 22, 2023 |title=Blue Owl to Retire Its Owl Rock and Dyal Brands as Founders Feud |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2023-06-22/blue-owl-to-retire-its-owl-rock-dyal-brands-as-founders-feud?srnd=premium&sref=CIpmV6x8 |access-date=June 22, 2023}}</ref>
==== Funds ====
{| class="wikitable"
!Fund<ref>{{Cite web |title=Blue Owl Capital {{!}} Palico |url=https://www.palico.com/general-partners/blue-owl-capital/54f219b00e0649d28d2f7036e3b48e2b |access-date=October 22, 2022 |website=www.palico.com}}</ref>
!Vintage Year
!Committed Capital ($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<ref>{{Cite web |last=Basak |first=Sonali |date=October 15, 2022 |title=Blue Owl's Dyal Capital Is on Track to Raise Its Largest Fund Ever at $13 Billion |url=https://www.bloomberg.com/news/articles/2022-10-14/blue-owl-s-dyal-capital-nearing-a-13-billion-record-fund-close |access-date=October 22, 2022 |website=www.bloomberg.com}}</ref>
|2022
|USD 13,000
|}
=== Real Estate (formerly Oak Street) ===
Oak Street was founded in 2009 by Marc Zahr and James Hennessey.<ref name=":8" /><ref name=":9">{{Cite web |title=40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business |url=https://www.chicagobusiness.com/html-page/825626 |access-date=October 17, 2022 |website=www.chicagobusiness.com}}</ref><ref name=":11" />
Oak street is private equity real estate firm based in Chicago that focuses on structuring sale-[[leaseback]]s.<ref name=":5" /><ref name=":9" /><ref name=":11" />
In August 2021, Oak Street acquired [[The Bow (skyscraper)|The Bow]] in [[Calgary]] for $1.2&nbsp;billion.<ref>{{Cite web |title=BREAKING: Calgary's Bow tower sold for $1.2 billion |url=https://www.westerninvestor.com/alberta/breaking-calgarys-bow-tower-sold-for-12-billion-4205629 |access-date=October 17, 2022 |website=Western Investor |date=August 9, 2021 |language=en}}</ref> In September 2022, Oak Street and [[GIC (Singaporean sovereign wealth fund)|GIC]] agreed to acquire [[Store Capital]] for $14 Billion.<ref>{{Cite news |date=September 15, 2022 |title=GIC, Blue Owl Agree to Buy Store Capital for $14 Billion |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-09-15/gic-blue-owl-agree-to-buy-store-capital-for-14-billion-in-cash |access-date=February 4, 2023}}</ref>
=== Credit (formerly Owl Rock) ===
Owl Rock was founded in 2016 by Doug Ostrover (co-founder of [[GSO Capital Partners]]), Marc Lipschultz (former [[Kohlberg Kravis Roberts|KKR]] partner) and Craig Packer (formerly of [[Goldman Sachs]]).<ref name="WSJ" /><ref name=":4" />
The firm is a [[Middle-market company|middle market]] [[Private credit]] [[direct lending]] firm that deals with credit investments.<ref name="WSJ" /><ref name=":4">{{Cite news |last=Wirz |first=Matt |date=February 13, 2020 |title=Behind the Rise of Owl Rock: Low Fees |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/behind-the-rise-of-owl-rock-low-fees-11581598809 |access-date=October 17, 2022 |issn=0099-9660}}</ref><ref name=":5" /> Its clients include [[George Soros]], [[Brown University]] and the state of [[South Carolina]].<ref name=":4" />
== References ==
{{reflist}}
== External links ==
* {{Official website|https://www.blueowl.com}}
{{Finance links
| name = Blue Owl Capital Inc.
| symbol = OWL
| reuters = OWL.N
| bloomberg = OWL:US
| sec_cik = 1823945
| yahoo = OWL
| google = OWL:NYSE
}}
{{Private equity and venture capital}}
{{authority control}}
[[Category:2021 establishments in New York (state)]]
[[Category:Alternative investment management companies]]
[[Category:American companies established in 2021]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Financial services companies based in New York City]]
[[Category:Investment companies based in New York City]]
[[Category:Private equity firms of the United States]]
[[Category:2021 initial public offerings]]
[[Category:Publicly traded companies based in New York City]]