You might also like
Blue Owl Capital Inc. is a leading asset manager specializing in alternative investments. The company operates across multiple investment platforms, providing private capital solutions to businesses and offering differentiated alternative investment opportunities to institutional and individual investors. Blue Owl Capital Inc. sells investment advisory and management services through its diverse product lines.
- Credit Platform - Provides diversified lending solutions, including technology lending, first lien lending, opportunistic lending, and liquid credit activities.
- GP Strategic Capital Platform - Focuses on investments in general partner minority stakes, GP debt financing, and professional sports minority stakes.
- Real Estate Platform - Engages in net lease and real estate credit activities.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alan Kirshenbaum ExecutiveBoard | Chief Financial Officer | Alan Kirshenbaum is the Chief Financial Officer at Blue Owl Capital Inc. since May 2021. He is a member of the Executive Committee and serves as Co-Chair of the Operating Committee, with extensive prior experience including roles as CFO at Sixth Street Specialty Lending and TPG Special Situations Partners. | ||
Craig W. Packer ExecutiveBoard | Co-President | Treasurer of the Board of Trustees of Greenwich Academy; Co-Chair of the Honorary Board of Kids in Crisis; Advisory Board member for the Mount Sinai Department of Rehabilitation and Human Performance; Foundation Board of Trustees member for the McIntire School of Commerce, University of Virginia; Board of Trustees member for the University of Virginia Athletics Foundation | Craig W. Packer has been serving as Co-President and Director of Blue Owl Capital Inc. since May 2021. He has extensive experience across high yield capital markets from previous roles at Goldman Sachs and Credit Suisse, and he co-founded Owl Rock Capital Partners. | |
Douglas I. Ostrover ExecutiveBoard | Chairman of the Board, Co-Chief Executive Officer, and Director | Board of Directors, Michael J. Fox Foundation; Board of Directors, Mt. Sinai Health System; Member, Leadership Council for Memorial Sloan Kettering; Investment Committee, Brunswick School | Douglas I. Ostrover has been serving as the Chairman of the Board, Co-Chief Executive Officer, and Director at Blue Owl Capital Inc. since May 2021. He is also a member of the Executive Committee and previously held senior leadership roles at GSO Capital Partners, Credit Suisse First Boston, and DLJ. | |
Marc S. Lipschultz ExecutiveBoard | Co-Chief Executive Officer | Director, Hess Corporation ; Nonprofit Board Member, American Enterprise Institute for Public Policy Research ; Nonprofit Board Member, Michael J. Fox Foundation ; Nonprofit Board Member, Mount Sinai Health System ; Nonprofit Board Member, Riverdale Country School ; Trustee, Stanford University ; Board Member, 92nd Street Y | Marc S. Lipschultz is the Co-Chief Executive Officer of Blue Owl Capital Inc. since May 12, 2023. He also serves as Director and a founding member of the Executive Committee, having co-founded the firm with prior leadership roles at Owl Rock Capital Partners, KKR, and Goldman Sachs. | |
Marc Zahr ExecutiveBoard | Co-President and Director | Board of Trustees of Store Capital | Marc Zahr serves as Co-President and Director of Blue Owl Capital Inc. since December 2021. He leads the Real Estate platform and holds additional board roles as Chairman of the Board of Trustees of Blue Owl Real Estate Net Lease Trust and as a member of the Board of Trustees of Store Capital. | |
Michael D. Rees ExecutiveBoard | Co-President | Michael D. Rees is the Co-President of Blue Owl Capital Inc. since May 2021. He also serves on the Board of Directors and the Executive Committee, playing a key leadership role in the firm's strategic direction. | ||
Andrew Laurino Executive | Senior Managing Director | Andrew Laurino is Senior Managing Director at Blue Owl Capital Inc. since May 2021 and a member of the firm's Executive Committee and GP Strategic Capital Investment Team. Previously, he served in strategic and financing advisory roles at firms including Dyal Capital, Tiger Bay Advisors, Credit Suisse, and Lehman Brothers. | ||
Andrew R. Polland Executive | Chief Operating Officer | Andrew R. Polland is the Chief Operating Officer at Blue Owl Capital Inc. since May 2021. He also serves as COO for Blue Owl Advisers and has held leadership roles at Dyal Capital, Hoplite Capital Management L.P., and other firms providing legal and compliance oversight. | ||
Neena A. Reddy Executive | Chief Legal Officer, General Counsel, and Secretary | Neena A. Reddy is the Chief Legal Officer, General Counsel, and Secretary at Blue Owl Capital Inc. since May 2021. She serves on the Executive and Operating Committees and has extensive legal and financial experience from previous roles including Associate General Counsel at Goldman Sachs. | ||
Sean Ward | Leadership Council of Robert F. Kennedy Human Rights; Board of Trustees of the Brooklyn Museum; Board of Trustees of the Packer Collegiate Institute | Sean Ward served as Senior Managing Director and Director at Blue Owl Capital from May 2021 until his resignation on February 26, 2025, and contributed to the firm’s Executive Committee and strategic investment teams. |
- Considering the significant fee-related enhancements from recent acquisitions like IPI and the integration challenges they present, how do you plan to sustain your management fee growth in an environment of evolving market conditions?
- With your gross-to-net deployment dynamics heavily influenced by refinancing activity, what specific measures are you taking to ensure robust net deployment amid a potentially tightening syndicated loan market?
- Given the upward pressure on G&A and compensation expenses, what cost-containment strategies will you implement to maintain your target FRE margins going into 2025?
- In competing with more established alternative credit products, what unique value propositions will drive market share for your new offerings, and how do you plan to mitigate competitive risks from incumbents like Atalaya?
- With the merger of ORTF and ORTF II on track for early Q2 closure, can you provide additional detail on the post-merger strategy for managing two publicly traded BDCs and ensuring sustained long-term growth from both equity and debt capital perspectives?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
IPI Partners, LLC | 2025 | Completed on January 3, 2025, the acquisition was valued at approximately $1.0 billion—funded through the issuance of 39,091,754 Common Units with an additional cash component of $204.1 million—and it enhances Blue Owl’s digital infrastructure strategy by adding specialized infrastructure assets like data centers and logistics hubs. |
Prima Capital Advisors | 2024 | Announced in April 2024 and completed on June 6, 2024, this $170 million acquisition—funded mostly with equity and a small cash component with potential for up to $35 million in earnouts—is strategically aimed at building Blue Owl’s Real Estate Finance strategy by incorporating a robust real estate lending platform managing around $10 billion in assets. |
Kuvare Insurance Services LP | 2024 | Announced in April 2024 and completed on July 1, 2024, this acquisition was executed for $750 million (with $325 million in cash and $425 million in stock) and includes up to $250 million in earnouts, bolstering Blue Owl’s entry into the insurance market and leading to the launch of Blue Owl Insurance Solutions with Kuvare managing about $20 billion in AUM. |
Atalaya Capital Management LP | 2024 | Announced on July 16, 2024 and completed on September 30, 2024, the deal was valued at $450 million (comprising $350 million in equity and $100 million in cash) with a potential earnout of up to $350 million, expanding Blue Owl’s alternative credit offerings by adding over $10 billion in AUM and integrating key talent from Atalaya. |
Cowen Healthcare Investments | 2023 | Announced on October 30, 2023 and expected to close in Q4 2023, this acquisition adds approximately $1 billion in AUM and strengthens Blue Owl’s presence in the life sciences sector by incorporating a team with extensive expertise in mid-to-late-stage healthcare investments. |
Par-Four Acquisition | 2023 | Completed on August 15, 2023, the acquisition involved obtaining CLO management agreements and related assets for a total cash consideration of $26,245,000, resulting in net identifiable assets valued at $6,468,000 and generating $19,777,000 in goodwill, while also adding $1.6 billion in AUM to Blue Owl. |
Wellfleet Credit Partners LLC | 2022 | Completed on April 1, 2022, this acquisition from affiliates of Littlejohn & Co., LLC was executed for $108.0 million in cash with additional earnout potential of $15.0 million plus 940,668 Class A Shares, targeting a portfolio of collateralized loan obligations (CLOs). |
Oak Street | 2021 | Announced on October 18, 2021 and completed on December 29, 2021, this significant real estate transaction involved an aggregate purchase price of $950 million (with additional earnouts up to $650 million), funding through both cash and Blue Owl Common Units, and brought a firm with $12.4 billion in AUM specializing in triple-net lease sale-leaseback transactions into Blue Owl’s portfolio. |
Recent press releases and 8-K filings for OWL.
- Macro uncertainty remains amid stickier inflation and higher-for-longer rates, but Blue Owl’s focus on credit downside protection and fee-based, balance sheet–light operations offers stability.
- Direct lending spreads have maintained consistency despite market volatility, reflecting Blue Owl's disciplined approach to lending and net deployment efficiency.
- Product expansion is a key theme, with development across diversified core income, technology lending, triple net lease real estate, and new interval and digital infrastructure offerings to broaden retail, institutional, and non-U.S. distribution.
- The integration of the Kuvare asset manager has strengthened Blue Owl’s access to the insurance distribution channel, adding a new avenue for asset management capabilities.
- Blue Owl Capital Inc. secured the final close of its Digital Infrastructure Fund III with $7 billion in capital commitments, exceeding the initial target of $4 billion.
- The fund will invest in data centers and connectivity assets to support global AI and cloud infrastructure needs.
- This initiative is part of Blue Owl’s broader digital infrastructure strategy, which has raised $34 billion and invested in over 90 facilities across 25 global markets as of April 30, 2025.
- Earnings Performance: Reported GAAP net income of $7.4 million and fee-related earnings of $345.4 million (or $0.22 per share)
- Asset Management Scale: Managed approximately $273 billion in AUM, including FPAUM of $174.6 billion and Permanent Capital of $196.1 billion
- Record Fundraising: Raised nearly $50 billion in combined equity and debt over the last 12 months, including $6.7 billion in Q1, with new capital commitments of $10.7 billion
- Robust Revenue Growth: Achieved growth with management fees up by 31% and over 30% year-over-year growth (with FRE up 23% and DE up 20%), marking the 16th consecutive quarter of growth
- Dividend Announcements: Declared an annual dividend of $0.90 per Class A Share (up 25% from 2024) and a quarterly dividend of $0.225 per Class A Share, payable on May 28, 2025 (record as of May 14, 2025)
- M&A Activity: Completed the IPI acquisition, adding significant AUM to the portfolio
- Stable Business Model: Operates with a focus on permanent capital and income-oriented strategies, demonstrating resilience amid volatile market conditions
- Merger Completed: Blue Owl Technology Finance Corp. (OTF) successfully merged with Blue Owl Technology Finance Corp. II, creating the largest software-focused BDC with over $12 billion in total assets and a combined portfolio of 180 companies.
- Shareholder Structure: Post-merger, legacy OTF shareholders hold approximately 46% and former OTF II shareholders 54% of the combined company, with an exchange ratio of 0.9113 shares of OTF for each share of OTF II.
- Blue Owl Technology Finance Corp. (OTF) and Blue Owl Technology Finance Corp. II (OTF II) secured nearly 100% shareholder approval for all merger proposals.
- The merger is expected to close on or around March 24, 2025, creating the largest software-focused BDC by total assets and is projected to be accretive to net investment income.
- Executives detailed the evolving regulatory landscape and structural shifts in global capital markets, emphasizing trends in high-yield, leveraged loan, and investment-grade credit strategies.
- The firm highlighted its robust deal funnel and large loan book—notably a $130 billion loan book—while underscoring its selective execution of less than 5% from approximately 1,600–1,700 incoming deals annually.
- Growth in the wealth management channel was a key focus, with executives forecasting significant capital inflows from global wealth, which could increasingly support private credit investments.
- Private credit growth remains a core focus, with expectations of robust fundraising and investment performance, targeting unlevered returns around 10% and leveraged returns of 11-12% amid sustained high rates.
- The firm emphasized a strategic growth roadmap that includes M&A activity, integration of acquisitions, and scaling of key platforms such as digital infrastructure and triple net lease businesses, which have notably tripled in size over recent years.
- There is a clear push to expand the wealth channel, aiming to boost continuously offered product inflows from $10 billion to $15 billion annually, supporting long-term revenue acceleration and consistent FRE per share growth.
- AUM & Capital Growth: Total AUM increased to $251.1 billion with record fundraising of $9.5B in Q4 2024 (and $27.5B in 2024), $52B deployed in credit, and new commitments of $18.1 billion; targeting over $500bn by 2029 .
- Dividend Declaration: Declared a Q4 dividend of $0.18 per share (payable on February 28, 2025) and set an annual fixed dividend of $0.90 per Class A Share for 2025 .
- Financial Performance: Achieved GAAP Net Income of $20.7 million and Fee-Related Earnings of $340.3 million (with FRE of $0.23 and DE of $0.21 per share in Q4, and full-year FRE of $0.86 and DE of $0.77 per share) .
- M&A & Global Expansion: Completed key mergers—including the IPI Acquisition that boosted its asset base to form the second largest publicly traded BDC—and grew market cap from $12bn+ to $38bn+ with a 140% shareholder return, while expanding from ~250 to over 1,100 employees and increasing global offices from 6 to over 20 .
- Investor Engagement: Scheduled an investor call and webcast on February 6, 2025, and an Investor Day on February 7, 2025 with the presentation available online .
- Direct Lending Expansion: Executives highlighted that Blue Owl is increasingly executing deals above $1 billion in its direct lending business, marking an evolution in scale and flexibility in the alternative credit market.
- Diversification into Asset-Based Finance: The discussion emphasized a broader opportunity set beyond traditional corporate credit, including financial, hard, and soft assets with strong partnerships, notably with insurance companies, to support long-term growth.
- Market Opportunity Amid Bank Retrenchment: The panel noted that bank retrenchment has created a vacuum, allowing Blue Owl to capitalize on private capital advantages and offer more adaptable unitranche solutions.