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Alternative Market Briefing

Asset managers Dyal Capital and Owl Rock in talks for merger through SPAC

Thursday, December 03, 2020

Laxman Pai, Opalesque Asia:

Neuberger Berman's Dyal Capital Partners is in talks to combine with the New York-based direct lending platform Owl Rock Capital Partners in a deal with a blank-check company that would value the asset managers at about $13 billion combined.

According to a statement and a regulatory filing Wednesday, the two firms are negotiating with Altimar Acquisition Corp., a special purpose acquisition company (SPAC) backed by HPS Investment Partners, which signed a nonbinding letter of intent for a potential merger.

Merging with SPACs, or blank-check companies has surged in popularity this year as a way to raise capital faster and with more certainty.

According to a joint press release, the potential combination would bring together two industry-leading investment platforms that provide capital solutions to the alternative asset management industry: Owl Rock's direct lending platform, which provides financing to middle-market companies (most of which are owned or sponsored by alternative asset managers), and Dyal, which provides capital solutions and strategic support to alternative asset managers.

"The founders of Owl Rock and Dyal would lead the stand-alone firm, and the investment teams and processes would remain unchanged," the companies said. The Owl Rock and Dyal founders, alongside Neuberger Berman Group, the parent of Dyal, would own meaningful positions in the combined business.

Meanwhile, Altimar, the blank-check firm, led by Chief......................

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