Blue Owl Capital

Blue Owl Capital was formed in May 2021 through a merger between Dyal Capital Partners, Owl Rock Capital Group, and Altimar Acquisition Corp, a special-purpose acquisition company. The transaction was valued at approximately $12.2 billion and established the firm as a major player in alternative asset management. Dyal Capital, founded in 2011, brought expertise in acquiring minority interests in hedge funds and private equity firms, while Owl Rock, founded in 2016, focused on middle-market private credit and direct lending.

Since its public listing, the firm has pursued an aggressive expansion strategy through significant acquisitions and partnerships. In late 2021, it acquired Oak Street Real Estate Capital for $950 million and the Hong Kong-based Ascentium Group to bolster its Asian presence. More recently, Blue Owl agreed to purchase private credit firm Atalaya Capital Management in 2024 and entered a $27 billion joint venture with Meta Platforms in 2025 to develop a massive AI data center in Louisiana.

The firm operates across three primary product lines: private credit, GP strategic capital, and real estate. Despite its rapid growth, the firm faced challenges in late 2025 and early 2026, including a canceled merger of its private credit funds following investor pushback and the implementation of permanent redemption restrictions on one of its retail debt funds to maintain liquidity.