The three founders of Owl Rock Capital Group LLC said on Monday, Nov. 11, they agreed to sell a minority stake in their firm to Dyal Capital Partners, a unit of Neuberger Berman Group LLC that has been buying up stakes in private equity firms.

New York-based Owl Rock externally manages the second-largest business development company platform in the world, with assets under management of about $14.6 billion including Owl Rock Capital Corp. (ORCC), a publicly traded BDC.

The firms described the transaction as a “passive, nonvoting minority stake” but did not disclose any deal terms.

Owl Rock Capital founders Doug Ostrover, Marc Lipschultz and Craig Packer in a prepared statement said, “We look forward to putting this capital to work to continue growing out platform and delivering attractive risk-adjusted returns to investors.”

Michael Rees, head of Dyal Capital, in the statement said Owl Rock “has become a leading private credit firm with an outstanding reputation for origination and underwriting.”

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