Craig Packer
About Craig Packer
Craig W. Packer (age 58) is Co‑President of Blue Owl Capital Inc., Global Head of the Credit platform, Co‑CIO for certain Blue Owl Credit Advisers, and CEO of Blue Owl’s BDCs; he has served on Blue Owl’s board since May 2021 and is a Class I director nominee for a term expiring 2028 . He holds an MBA from Harvard Business School and a BS from the University of Virginia . Blue Owl discloses that executive compensation is not formally linked to specific financial performance measures; however, “compensation actually paid” moved directionally with total stockholder return and GAAP net income in recent years . In 2023 (the latest year he was a named executive), Packer’s total compensation was $13.64M, primarily equity in the form of Incentive Units subject to a one‑year lock‑up .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs & Co. | Managing Director & Head of High Yield Capital Markets | 2006–2008 | Led HY capital markets; platform leadership in leveraged finance. |
| Goldman Sachs & Co. | Partner & Co‑Head of Leveraged Finance (Americas) | 2008 (appointed) | Co‑led Americas leveraged finance, scaling origination and distribution. |
| Credit Suisse First Boston | Global Head of High Yield Capital Markets | Not disclosed | Ran global HY capital markets; deep origination/distribution expertise. |
| Donaldson, Lufkin & Jenrette | Investment banking roles | Not disclosed | Early high‑yield/capital markets experience foundational to credit leadership. |
| Owl Rock Capital Partners | Co‑founder (predecessor to Blue Owl Credit) | Not disclosed | Built the direct lending platform later combined into Blue Owl. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Greenwich Academy | Treasurer, Board of Trustees | Not disclosed | Financial stewardship for education nonprofit governance. |
| Kids in Crisis (CT) | Co‑Chair, Honorary Board | Not disclosed | Supports child welfare initiatives; community engagement. |
| Mount Sinai Dept. of Rehabilitation & Human Performance | Advisory Board Member | Not disclosed | Health system advisory; network/insight into healthcare. |
| UVA McIntire School of Commerce Foundation | Board of Trustees | Not disclosed | Alumni leadership; talent pipeline and academic partnership. |
| UVA Athletics Foundation | Board of Trustees | Not disclosed | University network; institutional relationships. |
Fixed Compensation
| Component | 2022 | 2023 |
|---|---|---|
| Salary ($) | 500,000 | 500,000 |
| Cash Bonus ($) | — | — |
| All Other Compensation ($) | 170,143 | 189,334 (wealth mgmt $170,918; supplemental medical $18,416) |
| Total ($) | 11,362,143 | 13,644,485 |
Notes:
- Blue Owl pays standard benefits (health, life, disability) and provides wealth management services to certain executives including Packer .
Performance Compensation
Blue Owl does not use formal financial performance metrics (e.g., EBITDA, TSR) to link executive compensation; awards are discretionary or formulaic for certain executives. Packer’s 2023 equity awards were discretionary Incentive Units, fully vested at grant but subject to a one‑year lock‑up; no performance conditions were disclosed .
| Metric | Weighting | Target | Actual | Payout | Vesting/Lock‑Up |
|---|---|---|---|---|---|
| Discretionary Incentive Units (2023) | N/A | N/A | N/A | Grants per table below | Fully vested; 1‑year lock‑up from grant date |
2023 Equity Grants Detail:
| Grant Date | Award Type | Units (#) | Grant Date Fair Value ($) | Vesting | Lock‑Up |
|---|---|---|---|---|---|
| 2/21/2023 | Incentive Units | 179,332 | 2,218,337 | Fully vested | 1‑year from grant |
| 5/11/2023 | Incentive Units | 356,891 | 3,308,380 | Fully vested | 1‑year from grant |
| 8/8/2023 | Incentive Units | 304,465 | 3,425,231 | Fully vested | 1‑year from grant |
| 11/9/2023 | Incentive Units | 321,171 | 4,003,203 | Fully vested | 1‑year from grant |
Award mechanics and settlement:
- Incentive Units settle into an equal number of Blue Owl Operating Group Common Units and Class C Shares after the one‑year holding period and capital account thresholds; holders may subsequently exchange into Class A Shares or receive cash at the five‑day VWAP at Blue Owl GP’s election .
Equity Ownership & Alignment
- Beneficial ownership: The table lists no direct Class A/C/D holdings for Packer; however, Owl Rock Capital Feeder LLC (managed by Owl Rock Capital Partners LP) exercises voting control over interests held on behalf of Packer and related parties: 25,348,731 Class D Shares (and equal Common Units) for Packer; 4,886,388 for his spouse; 4,393,421 for Packer Family Trust 2017; Packer expressly disclaims beneficial ownership of these securities (and any Class A/B upon exchange) .
- Hedging/pledging: Hedging and speculative trading are prohibited; pledging may be approved subject to audit committee requirements. No pledge is disclosed for Packer in the proxy footnotes .
- Insider‑related economics: Packer received $472,646 of payments under Blue Owl’s Tax Receivable Agreement in 2024 ; he invested $5,414,625 alongside Blue Owl funds during 2024, which generally are not charged fees, reflecting internal alignment through co‑investment .
- Director pay: As an employee director, Packer received no additional compensation for board service .
Ownership snapshot (as disclosed):
| Holding Entity | Class/Units | Quantity | Note |
|---|---|---|---|
| On behalf of Craig Packer | Class D + Common Units | 25,348,731 | Voting control held by Owl Rock Capital Feeder LLC; Packer disclaims beneficial ownership |
| On behalf of Packer’s spouse | Class D + Common Units | 4,886,388 | Voting control via Feeder; disclaimed |
| Packer Family Trust 2017 | Class D + Common Units | 4,393,421 | Voting control via Feeder; disclaimed |
Employment Terms
- For 2024–2025, Blue Owl disclosed detailed employment agreements for Ostrover, Lipschultz, Rees, and Zahr (including severance and change‑in‑control economics), but no specific employment agreement, severance, or change‑in‑control terms were disclosed for Packer in the latest proxy .
- Packer is a signatory to the August 7, 2023 Principals Agreement, which includes mutual non‑disparagement/release provisions and certain governance commitments tied to the Investor Rights Agreement .
Board Governance
- Role and independence: Packer is a non‑independent director and executive officer (Co‑President), serving since May 2021; the Board classifies him as non‑independent under NYSE standards .
- Committees: The Board maintains an audit committee; members are independent directors (Holz—Chair, Polley, Weeks). Packer is not on the audit committee .
- Attendance: In 2024, the Board met nine times; audit committee met ten times. All directors attended at least 75% of meetings while serving .
- Controlled company: Blue Owl qualifies as a controlled company (Principals hold 80% voting power), exempt from NYSE requirements for a majority‑independent board, independent nominating committee, and independent compensation committee; Blue Owl has no compensation committee—senior management sets compensation, with Board approving final equity grants .
- Dual‑role implications: The Chairman and Co‑CEO roles are combined (Douglas Ostrover); the Board states this is in stockholders’ best interests given familiarity and leadership continuity. Independence oversight is via the full Board and audit committee; nonetheless, combined roles and controlled status concentrate governance power among Principals .
Compensation Structure Analysis
- Mix and trend: For 2023, Packer’s compensation was predominantly equity (Incentive Units), with no cash bonus—indicative of alignment with equity value creation but lacking explicit performance targets .
- Metrics: Blue Owl does not use formal financial performance measures to determine executive pay; pay moved directionally with TSR/net income, but awards for Packer were discretionary .
- Vesting/lock‑up: Fully vested on grant, subject to one‑year lock‑ups; upon settlement, units can be exchanged into Class A Shares or cashed out, potentially creating post‑lock‑up selling windows .
- Governance risk: Absence of an independent compensation committee and controlled company exemptions may elevate pay‑governance risk; however, clawback policy compliant with NYSE/SEC rules is in place .
Related Party Transactions
- Tax Receivable Agreement payments to Packer totaled $472,646 in 2024 .
- Investor Rights/Principals Agreements grant Principals nomination and certain consent rights; Packer is a party to the Principals Agreement .
Investment Implications
- Alignment and retention: Significant equity‑based pay and co‑investments suggest alignment with long‑term equity value; lack of disclosed severance/CIC terms for Packer reduces guaranteed exit economics visibility but Principals’ governance rights provide influence continuity .
- Trading signals: One‑year lock‑ups on Incentive Units create predictable potential liquidity windows post grant dates (e.g., 2/21/2024, 5/11/2024, 8/8/2024, 11/9/2024 for 2023 grants), warrant monitoring of exchange activity and any Form 4 sales after settlement/exchange .
- Governance considerations: Controlled company status, combined Chairman/CEO roles, and no independent compensation committee heighten governance and pay‑design risk; audit committee independence and an SEC‑compliant clawback provide partial mitigants .
- Net: Packer’s discretionary, equity‑heavy pay and large economic exposure via Operating Group units support “skin‑in‑the‑game,” but absence of formal performance metrics and governance concentration increase the need to monitor insider exchanges, TRA cash flows, and any related‑party dynamics affecting liquidity and alignment .