Blue Owl Capital

Co-Chief Executive Officers Marc Lipschultz and Craig Packer lead the firm. Lipschultz was a founding partner at Owl Rock and previously spent over two decades at KKR. Packer joined Owl Rock from Goldman Sachs, where he was a partner. The three platform heads — for Credit, Real Assets, and GP Strategic Capital — run day-to-day investment decisions within their verticals under the co-CEO structure.

The Credit platform, with $195 billion in gross originations, sources through longstanding relationships with private-equity sponsors and also lends to non-sponsored companies. The firm integrates equity co-investments and loan instruments, giving it flexibility in structuring deals. The 2024 acquisition of Atalaya Capital Management's business added further origination capabilities in specialty finance.

Blue Owl is a publicly traded alternative asset manager, not a family office. It was formed through the 2021 merger of three institutional investment firms — Owl Rock, Dyal Capital, and Oak Street — and trades on the New York Stock Exchange. There is no single-family wealth backing the manager.

Blue Owl operates primarily through direct strategies. The Credit platform originates loans directly; Real Assets acquires net-lease properties directly; GP Strategic Capital makes minority-stake investments directly into alternative managers. The firm does also raise closed-end institutional funds, and its BDCs offer individual investors access to the direct-lending portfolio.

In Credit, the firm lends to established middle-market and large companies rather than early-stage ventures, though it also provides growth loans to select technology companies. Real Assets focuses on stabilized net-lease properties. GP Strategic Capital invests in mature private-capital firms seeking minority equity partners.

These three firms now operate as Blue Owl's platform verticals: Credit (formerly Owl Rock), GP Strategic Capital (formerly Dyal Capital), and Real Assets (formerly Oak Street). All were consolidated under the Blue Owl brand following the 2021 merger and the 2022 acquisition of Oak Street.

Blue Owl co-invests directly alongside its own credit and equity investments but does not market co-investment club membership externally. Its GP Strategic Capital platform takes minority stakes in external managers, creating an indirect co-investment alignment with those GPs' funds.