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Alternative Market Briefing

Dyal Capital takes a stake in Owl Rock

Wednesday, November 13, 2019

Laxman Pai, Opalesque Asia:

New York-based technology-focused private equity firm Dyal Capital Partners has taken a passive, non-voting minority stake in alternative investment firm Owl Rock Capital Group.

Established in 2011 as a division of Neuberger Berman, Dyal Capital specializes in taking minority stakes in alternative asset managers.

Terms of the deal and the size of the stake are not being disclosed.

With $14.6 billion in assets under management, Owl Rock said that Dyal transaction will provide it with permanent capital for its middle-market direct-lending business.

Dyal's investment provides Owl Rock with additional permanent capital to continue providing highly customized direct lending solutions to U.S. middle-market companies.

Owl Rock plans to use all proceeds from the transaction to invest in Owl Rock products, which are expected to include complimentary product launches and strategies in 2020.

There will be no changes in the management, strategy, investment process, or day-to-day operations of Owl Rock or any Owl Rock managed product, including Owl Rock Capital Corporation, a publicly-traded business development company (BDC) that is externally managed by an affiliate of Owl Rock.

Doug Ostrover, Marc Lipschultz and Craig Packer, Owl Rock's co-founders, said: "Dyal has a track record of investing in established asset managers like Owl Rock and will be a terrific strategic partner as we execute on our long-term initiatives. We look forw......................

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