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Laxman Pai, Opalesque Asia:

The alternative asset manager Blue Owl Capital Inc. has raised $2 billion for an opportunistic fund targeting both equity and debt investments.

The fund, Owl Rock Opportunistic Fund, will have $2.5 billion in investable capital, including anticipated leverage, and will target investments including rescue financings, recapitalizations, and debtor-in-possession loans. The fund received commitments from pension funds, endowments, foundations, family offices, and asset managers.

According to a press release from Blue Owl, Nicole Drapkin and Jesse Huff co-head the strategy, drawing on the firm's sponsor relationships and deal pipeline to source differentiated opportunities while utilizing the firm's scale and focus to nimbly provide customized and collaborative solutions for borrowers.

"The strategy will focus on leading directly originated investment opportunities across a broad range of debt and equity instruments, which may include situations such as rescue financings, recapitalizations, wedge capital, DIP loans, and broken syndications."

The fund is structured "for all seasons" to provide flexibility that is customized to companies' special situations, said James Clarke, a managing director at Blue Owl.

Owl Rock Opportunistic Fund can provide structured loans that would not fit in the firm's direct lending strategies, such as rescue financings, recapitalizations, and debtor-in-possession loans, Ms. Drapkin said.

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