Blue Owl Capital Inc. (Blue Owl) operates as a global alternative asset manager.
In December 2021, the company acquired Blue Owl Real Estate Capital, LLC, which expanded its offerings to include real estate-focused products. In April 2022, the company acquired Blue Owl Liquid Credit Partners, which expanded its reach in the broadly syndicated leveraged loans market, including CLO product offerings.
In August 2023, the Par Four (Par Four CLO Management LLC) Acquisition expanded the company’s li...
Blue Owl Capital Inc. (Blue Owl) operates as a global alternative asset manager.
In December 2021, the company acquired Blue Owl Real Estate Capital, LLC, which expanded its offerings to include real estate-focused products. In April 2022, the company acquired Blue Owl Liquid Credit Partners, which expanded its reach in the broadly syndicated leveraged loans market, including CLO product offerings.
In August 2023, the Par Four (Par Four CLO Management LLC) Acquisition expanded the company’s liquid credit strategy team. In December 2023, the CHI (Cowen Healthcare Investments) Acquisition expanded the company’s offerings to include mid-to-late-stage equity investments into biopharmaceutical and healthcare companies.
In June 2024, the Prima Acquisition (Prima Capital Advisors Holdings LLC) expanded the company’s real estate finance offerings. In July 2024, the KAM Acquisition expanded the company’s offerings to provide solutions for insurance clients. In September 2024, the Atalaya (Atalaya Capital Management LP) Acquisition expanded the company’s alternative investment credit-focused products.
The company’s breadth of offerings and Permanent Capital base enable it to offer a differentiated, holistic framework of capital solutions to middle market companies, large alternative asset managers and corporate real estate owners and tenants. The company provides these solutions through its Permanent Capital vehicles and long-dated private funds, that provide the company’s business with a high degree of earnings stability and predictability. The company’s Permanent Capital vehicles generally have an indefinite term and do not have requirements to exit investments after a prescribed period to return invested capital to investors, except as required by applicable law or pursuant to redemption requests that only be made after significant lock-up periods. For the year ended December 31, 2024, approximately 91% of the company’s management fees were earned from Permanent Capital vehicles.
The company’s global, high-caliber investor base includes a diversified mix of institutional investors, including prominent public and private pension funds, endowments, foundations, family offices, private banks, high net worth individuals, asset managers and insurance companies, as well as retail clients, accessed through well-known wealth management firms. The company has continued to grow its investor base and presence in the growing private markets and alternative asset management sector by emphasizing its disciplined investment approach, client service, and portfolio performance.
Products
The company has three major product platforms: Credit, GP Strategic Capital and Real Estate. The company's products, while distinct, are complementary to each other and together enable the company to provide a differentiated offering of varied capital solutions. All of the company's products employ a disciplined investment philosophy with a focus on long-term investment horizons and are managed by tenured leadership and investment professionals with significant experience in their respective platforms.
As the investment manager of the company's products, the company invests that capital with the intention of generating attractive, risk-based returns for the investors in its products. In many of its products, the company uses leverage to increase the size of the investments the company's products are able to make.
The company's products create a robust foundation for the company's holistic business.
Credit
The company’s Credit products offer private financing solutions to primarily upper-middle-market companies. The company’s breadth of offerings establishes it as a lending partner of choice for private equity sponsored companies, as well as non-sponsored borrowers. The company’s investment capabilities also span the alternative credit and asset-based finance markets, allowing the company to harness the power of the company’s collective insights and provide innovative capital structure solutions for its borrowers and partners. The company’s Credit products are generally offered through a mix of its BDCs, long-dated private funds, managed accounts and CLOs across the following investment strategies:
Direct Lending: The company’s direct lending strategy focuses on lending to primarily upper-middle-market companies, both private equity-sponsored and non-sponsored, providing a range of customized financing solutions across debt and equity-related instruments.
Diversified Lending: The company’s diversified lending strategy seeks to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns across credit cycles with an emphasis on preserving capital primarily through originating and making loans to, and making debt and equity investments in, the U.S. middle market companies. The company provides a wide range of financing solutions with a strong focus on the top of the capital structure and operate this strategy through diversification by borrower, sector, sponsor and position size. The company’s diversified lending strategy is primarily offered to investors through its BDCs.
Technology Lending: The company’s technology lending strategy seeks to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from the company’s equity and equity-linked investments primarily through originating and making loans to, and making debt and equity investments in, technology-related companies based primarily in the United States. The company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity and equity-related securities, including common equity, warrants, preferred stock and similar forms of senior equity, which be convertible into common equity of companies in which the company’s products invest (which the company refers to as ‘portfolio companies’). The company’s technology lending strategy invests in a broad range of established and high growth technology companies that are capitalizing on the large and growing demand for technology products and services. This strategy focuses on companies that operate in technology-related industries or sectors which include, but are not limited to, information technology, application or infrastructure software, financial services, data and analytics, security, cloud computing, communications, life sciences, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors. The company’s technology lending strategy is primarily offered to investors through its technology-focused BDCs.
First Lien Lending: The company’s first lien lending strategy seeks to realize current income with an emphasis on preservation of capital primarily through originating primary transactions in, and to a lesser extent, secondary transactions of first lien senior secured loans in or related to private equity sponsored, middle market businesses based primarily in the United States. The company’s first lien strategy is offered to investors through its long-dated private funds and managed accounts.
Opportunistic Lending: The company’s opportunistic lending strategy seeks to generate attractive, risk-adjusted returns by taking advantage of credit opportunities in the U.S. middle market companies with liquidity needs and market leaders seeking to improve their balance sheets. The company focuses on high-quality companies that experiencing disruption, dislocation, distress or transformational change. The company intends to be the partner of choice for companies by being well-equipped to provide a variety of financing solutions to meet a broad range of situations, including the following: (i) rescue financing, (ii) new issuance and recapitalizations, (iii) wedge capital, (iv) debtor-in-possession loans, (v) financing for additional liquidity and covenant relief and (vi) broken syndications. The company’s opportunistic lending strategy is offered to investors through its long-dated private funds and managed accounts.
Alternative Credit: The company’s alternative credit strategy targets credit-oriented investments in markets underserved by traditional lenders or the broader capital markets, with deep expertise investing across specialty finance, private corporate credit and equipment leasing.
Investment Grade Credit: The company’s investment grade credit strategy focuses on generating capital-efficient investment income through asset-backed finance, private corporate credit, and structured products. Tailored for insurance companies, this strategy emphasizes reliable returns while prioritizing capital preservation and industry regulatory compliance.
Liquid Credit: The company’s liquid credit strategy seeks to generate attractive, risk-adjusted returns by managing portfolios of broadly syndicated leveraged loans, including through CLO vehicles.
Other: The company’s other Credit strategies employ various investment strategies to pursue long-term capital appreciation and risk adjusted returns, including (i) direct investments in strategic equity assets, with a focus on single-asset GP-led continuation funds and (ii) investments in mid-to-late-stage biopharmaceutical and healthcare companies.
GP Strategic Capital
The company’s GP Strategic Capital products position it as a leading capital solutions provider to private capital managers. The company primarily focuses on acquiring equity stakes in, or providing debt financing to, private capital firms, which it refers to as ‘GPs’ or ‘Partner Managers.’ The company’s Business Services Platform is a boutique consulting unit within Blue Owl and was established to provide strategic support to its Partner Managers. The company’s GP Strategic Capital products are offered primarily through Permanent Capital private fund vehicles across the following investment strategies:
GP Minority Stakes: The company builds diversified portfolios of minority equity investments in institutionalized alternative asset management firms across multiple strategies, geographies, and asset classes. The company primarily focuses on acquiring minority positions in multi-product alternative asset managers who continue to gain a disproportionate proportion of the assets flowing into private investment strategies and exhibit high levels of stability. The company’s inaugural products followed a hedge fund manager-focused investment program that has since evolved into a private capital manager-focused investment program in its more recent products focused on institutional private markets-focused firms that generally have fee-paying assets under management over $10 billion. The company has an additional product offering, which is a strategic and economic venture between Blue Owl and a global alternative asset manager headquartered in Abu Dhabi, that focuses on building a diversified portfolio of minority equity stakes in mid-sized institutional private markets-focused firms that generally have fee-paying assets under management of less than $10 billion. The company’s GP minority stakes strategy is offered to investors through its closed-end, Permanent Capital funds. A fundamental component of the fundraising efforts for the company’s investment programs is the ability to identify and execute co-investment opportunities for its investors.
GP Debt Financing: The GP debt financing strategy focuses on originating and making collateralized, long-term debt investments, preferred equity investments and structured investments in private capital managers. The company originates and invests in secured term loans that are collateralized by substantially all the assets of a manager and become subject to repayment on an accelerated basis pursuant to cash flow sweeps of set percentages of management fees, GP realization, carried interest and other fee streams of the management company in the event that certain minimum coverage ratios are not maintained. The GP debt financing strategy allows the company to offer a comprehensive suite of solutions to private capital managers.
Professional Sports Minority Stakes: The company’s professional sports minority stakes strategy focuses on building diversified portfolios of minority equity investments in professional sports teams.
Real Assets
The company’s Real Assets products focus on two primary investment strategies: net lease and real estate credit. The company’s Real Assets products are offered primarily through Permanent Capital vehicles, including its non-traded REIT, and long-dated private funds.
Net Lease: The company’s net lease real estate strategy structures portfolios of primarily single-tenant properties across industrial, essential retail and mission critical office sectors, occupied by investment-grade or creditworthy tenants. By combining the company’s proprietary origination infrastructure, enhanced lease structures and disciplined investment criteria, the company seeks to provide investors with predictable current income and potential for appreciation while limiting downside risk.
Real Estate Credit: The company’s real estate credit investment strategy offers a diverse range of competitive real estate financing solutions and invests in both the public and private markets, seeking to generate equity-like returns while maintaining well-protected positions in the capital structure. The company’s real estate credit investment strategy invests via securities, private debt (either via origination or acquisition of loans), and customized solutions.
Growth Strategy
The company's strategies are to organically grow its core business; expand the company's product offering; leverage complementary global distribution networks; enhance the company's distribution channels; deepen and expand strong strategic relationships with key institutional investors; and opportunistically pursue accretive acquisitions.
Regulatory and Compliance Matters
The company’s business, along with the broader financial services industry, is subject to extensive regulation and periodic examinations by governmental agencies and self-regulatory organizations or exchanges in the U.S. and foreign jurisdictions in which the company operates. These regulations cover a wide range of areas, including antitrust laws, anti-money laundering laws, anti-bribery laws related to foreign officials, tax laws and data privacy laws concerning client and other information.
The company provides investment advisory services through several entities that are registered as investment advisers with the SEC pursuant to the Investment Advisers Act of 1940, as amended (the 'Advisers Act'). The company's BDCs elect to be regulated under the Investment Company Act and the Exchange Act, and in certain cases, the Securities Act.
Blue Owl Capital UK Limited (‘Blue Owl UK’) is authorized and regulated by the Financial Conduct Authority (‘FCA’) pursuant to the U.K. Financial Services and Markets Act 2000 (‘FSMA’). The FSMA, along with the FCA’s Handbook of rules and guidance, constitute the primary regulatory framework for governing Blue Owl UK’s business activities in the United Kingdom (the ‘U.K.’). In this context, Blue Owl UK provides services to its U.S. affiliates including, inter alia, the provision of investment advice, arranging transactions to be executed by or on behalf of Blue Owl funds, and certain other related services. Blue Owl Capital Japan is an entity operating in Japan whose employees assist in the marketing and distribution of Blue Owl Funds in Japan. Blue Owl Japan is registered with and regulated by the Kanto Local Finance Bureau and the Japan Financial Services Agency as a Securities Sales Intermediary under the sponsorship of a local distribution partner. Blue Owl Capital (Dubai) Limited is an entity organized in the Dubai International Financial Centre (‘DIFC’) whose employees assist in the marketing and distribution of Blue Owl Funds in the DIFC. Blue Owl Dubai is authorized by the Dubai Financial Services Authority as a Prudential Category 4 firm. Blue Owl Capital HK Limited (‘Blue Owl HK’) is an entity organized and operating in Hong Kong whose employees assist in the marketing and distribution of Blue Owl Funds in Hong Kong. Blue Owl HK is regulated and licensed by the Securities & Futures Commission of Hong Kong.
Blue Owl Securities LLC (Blue Owl Securities) is registered as a broker-dealer with the SEC, which maintains registrations in many states, and is a member of FINRA. As a broker-dealer, Blue Owl Securities is subject to regulation and oversight by the SEC and state securities regulators. In addition, FINRA, a self-regulatory organization that is subject to oversight by the SEC, promulgates and enforces rules governing the conduct of, and examines the activities of, its member firms.
