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Private Equity

Owl Rock Sells Minority Stake to Dyal

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Published: June 22nd, 2020
The three founders of Owl Rock Capital have sold a noncontrolling position in the firm to Dyal Capital, the unit of Neuberger Berman that acquires minority stakes in private equity firm and hedge funds.

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.”

Editor’s note: The original version of this article, including advisers and other details, was earlier published on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

 

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