Blue Owl Capital
Company type | Public |
---|---|
| |
Industry | Financial services |
Founded | May 19, 2021[1][2] |
Founders |
|
Headquarters | 399 Park Avenue, New York City , United States |
Products | |
Revenue | US$1.73 billion (2023) |
US$221 million (2023) | |
AUM | US$174.3 billion (2024) |
Total assets | US$8.82 billion (2023) |
Total equity | US$5.28 billion (2023) |
Number of employees | 725 (2024) |
Website | blueowl |
Footnotes / references Financials as of December 31, 2023[update].[3] |
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".[1][2][4][5][6][7]
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
[edit]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 $950 million.[7][9][10][11][12]
On December 13, 2021, Blue Owl acquired Ascentium Group, a business development office based in Hong Kong.[13] This was done as part of its plans to expand in Asia.[13]
In October 2022, Bloomberg reported Blue Owl intended to expand the size of its offices in Greenwich, Connecticut and had opened an office in New Jersey.[14]
The company entered into an agreement to purchase a private credit firm, Atalaya Capital Management, in July 2024.[15]
Business overview
[edit]Blue Owl has three business units:
GP Strategic Capital (formerly Dyal Capital)
[edit]Dyal Capital was formed in 2011 by Michael Rees and Sean Ward who were both formerly of Lehman Brothers.[2][16][17] Since inception, the firm has been part of Neuberger Berman which currently retains a stake in Blue Owl as a result of the merger.[2][16][17]
Dyal Capital provides financing to hedge funds and private equity firms by acquiring minority interests in them.[7][16][17] Firms it has acquired interests in include:
- Bridgepoint Group[18]
- Clearlake Capital[19]
- Energy Capital Partners
- Golub Capital[16]
- H.I.G. Capital[20]
- HPS Investment Partners
- ICONIQ Capital[21]
- JANA Partners LLC[16]
- KPS Capital Partners[20]
- MBK Partners[22]
- Providence Equity[16]
- Silver Lake[16][20]
- Sixth Street Partners[23]
- Starwood Capital Group[20]
- Stonepeak
- Waterfall Asset Management
- Vista Equity Partners[24]
In July 2021, Dyal Capital acquired minority stakes in the NBA teams, Phoenix Suns and Sacramento Kings.[25][26]
In March 2022, Blue Owl announced it planned to hold an IPO for Dyal Capital on the London Stock Exchange.[11]
In June 2023, Bloomberg reported that Dyal Capital would be renamed to Blue Owl GP Strategic Capital due to tensions among the co-founders where Rees was asked to resign. Dyal Capital came from the name of his children.[27]
Funds
[edit]Fund[28] | Vintage Year | Committed Capital ($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 |
Real Estate (formerly Oak Street)
[edit]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)
[edit]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]
References
[edit]- ^ a b c d e f g "Owl Rock, Dyal Capital to merge in $12 billion deal". Pensions & Investments. December 23, 2020.
- ^ a b c d e f g h i j Gottfried, Cara Lombardo and Miriam (December 23, 2020). "Owl Rock, Dyal Strike Deal to Combine and Go Public". Wall Street Journal.
- ^ "Annual Report 2023". U.S. Securities and Exchange Commission. February 23, 2024.
- ^ a b Dorbian, Iris (May 20, 2021). "Blue Owl goes public on NYSE". PE Hub. Retrieved October 17, 2022.
- ^ a b "The Biggest IPOs of 2021". Morningstar, Inc. December 15, 2021. Retrieved October 17, 2022.
- ^ a b 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.
- ^ a b c d e f Beltran, Luisa. "Blue Owl's Stock Will Rise This Year, Analyst Says". www.barrons.com. Retrieved October 17, 2022.
- ^ 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.
- ^ "Blue Owl Capital to acquire Oak Street Real Estate Capital". Pensions & Investments. October 18, 2021. Retrieved October 17, 2022.
- ^ a b "Oak Street Real Estate Capital To be Acquired by Blue Owl Capital". www.willkie.com. Retrieved October 17, 2022.
- ^ a b Basak, Sonali (March 4, 2022). "Blue Owl Capital Plans London IPO of Dyal Assets". www.bloomberg.com. Retrieved October 17, 2022.
- ^ a b c "Chicago sale-leaseback specialist selling for $950 million". Crain's Chicago Business. October 18, 2021. Retrieved October 17, 2022.
- ^ a b "Blue Owl buys Ascentium Group as part of Asia expansion". Pensions & Investments. December 13, 2021. Retrieved October 17, 2022.
- ^ 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.
- ^ 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.
- ^ a b c d e f g "Michael Rees: how a private equity chief turned the tables on his peers". Financial Times. July 22, 2021. Retrieved October 17, 2022.
- ^ a b c "Lehman spinout profits from buying into buyout groups". Financial Times. January 4, 2019. Retrieved October 17, 2022.
- ^ "Dyal Capital Partners takes stake in Bridgepoint". Pensions & Investments. August 13, 2018. Retrieved October 19, 2022.
- ^ "Clearlake Attracts Minority Investment From Dyal, Goldman, Landmark". Institutional Investor. May 29, 2018.
- ^ a b c d "Price of alternative investment companies hotly debated". Financial Times. March 19, 2017. Retrieved December 1, 2022.
- ^ "Wealth Firm for Silicon Valley Billionaires Sets Up in London". Bloomberg.com. February 15, 2021. Retrieved December 1, 2022.
- ^ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". Bloomberg.com. January 12, 2022. Retrieved December 1, 2022.
- ^ 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.
- ^ 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) - ^ Basak, Sonali (July 6, 2021). "Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion". www.bloomberg.com. Retrieved October 17, 2022.
- ^ 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.
- ^ 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.
- ^ "Blue Owl Capital | Palico". www.palico.com. Retrieved October 22, 2022.
- ^ 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.
- ^ a b "40 Under 40 2018: Jim Hennessey and Marc Zahr - Crain's Chicago Business". www.chicagobusiness.com. Retrieved October 17, 2022.
- ^ "BREAKING: Calgary's Bow tower sold for $1.2 billion". Western Investor. August 9, 2021. Retrieved October 17, 2022.
- ^ "GIC, Blue Owl Agree to Buy Store Capital for $14 Billion". Bloomberg.com. September 15, 2022. Retrieved February 4, 2023.
- ^ a b c Wirz, Matt (February 13, 2020). "Behind the Rise of Owl Rock: Low Fees". Wall Street Journal. ISSN 0099-9660. Retrieved October 17, 2022.
External links
[edit]- Official website
- Business data for Blue Owl Capital Inc.:
- 2021 establishments in New York (state)
- Alternative investment management companies
- American companies established in 2021
- Companies listed on the New York Stock Exchange
- Financial services companies based in New York City
- Investment companies based in New York City
- Private equity firms of the United States
- 2021 initial public offerings
- Publicly traded companies based in New York City