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Owl Rock Capital Corporation
Owl Rock Capital Corporation, a New York-based BDC and division of Blue Owl Capital, originates middle-market private credit loans to sponsor-backed...
Owl Rock Capital Corporation
Owl Rock Capital Corporation is a business development company (BDC) organized as a corporation that was formed to invest primarily in senior secured loans of U.S. middle-market companies. The firm is externally managed by Owl Rock Capital Management, which is a division of Blue Owl Capital (NYSE: OWL), a publicly-traded asset manager with approximately $150 billion in assets under management as of March 2024 (per Blue Owl's public filings). Owl Rock Capital Corporation focuses on originating directly negotiated loans, often alongside private equity sponsors, in the upper-middle market. The firm's investment strategy centers on direct lending across the capital structure, including first-lien senior secured loans, second-lien loans, and mezzanine debt. Portfolio companies typically have $20 million to $100 million in EBITDA and are backed by established private equity sponsors such as KKR, Blackstone, and others. The firm targets investment sizes of $50 million to $200 million per transaction, with geographic focus primarily on the United States (per the firm's public filings). As a BDC, Owl Rock Capital Corporation is publicly traded on the New York Stock Exchange under the ticker ORCC (per NYSE listing). The firm has completed offerings of unsecured notes and convertible notes to raise capital. In recent activity, Owl Rock Capital Corporation continues to originate new loans and manage its portfolio of approximately 100+ portfolio companies (based on Blue Owl's investor presentations). The firm's management company, Blue Owl Capital, was formed in 2021 through the merger of Owl Rock Capital and Dyal Capital Partners (per public filings). A structural differentiator is that Owl Rock Capital Corporation is regulated as a BDC under the Investment Company Act of 1940, which imposes leverage limits and diversification requirements. The firm's externally-managed structure, with management fees based on assets and income, aligns with its parent Blue Owl's asset-light model. Additionally, the firm's public company status allows investors to participate in private credit returns with daily liquidity, distinct from traditional drawdown funds.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Sector focus
Frequently asked questions
Who runs investment decisions at Owl Rock Capital Corporation?
Owl Rock Capital Corporation is externally managed by Owl Rock Capital Management, with investment decisions made by a team led by senior executives at Blue Owl Capital. The firm's investment committee includes professionals with backgrounds in direct lending and credit. The BDC's board of directors, majority independent, oversees the management agreement (per Blue Owl's public filings).
Is Owl Rock Capital Corporation a single family office or a BDC?
Owl Rock Capital Corporation is a business development company (BDC), regulated as a closed-end investment company under the Investment Company Act of 1940. It is not a family office. The firm's structure is designed to provide public investors with exposure to private credit, while its management company is part of Blue Owl Capital.
Does Owl Rock Capital Corporation invest in direct deals or fund commitments?
Owl Rock Capital Corporation originates direct loans to middle-market companies, typically alongside private equity sponsors. It does not invest in other funds. The firm's portfolio consists of directly negotiated senior secured loans, including first-lien and second-lien tranches, as well as mezzanine debt.
What investment stages does Owl Rock Capital Corporation target?
The firm focuses on direct lending to established middle-market companies, typically sponsor-backed buyout or growth capital situations. Target companies have $20 million to $100 million in EBITDA, placing Owl Rock in the upper-middle market. The firm is not active in venture capital or early-stage investing.
Which sectors does Owl Rock Capital Corporation explicitly avoid?
Owl Rock Capital Corporation generally avoids distressed debt, special situations, and unsecured consumer lending. The firm's public filings indicate a focus on senior secured loans to stable, cash-flowing businesses, and it does not target commodity-related or highly cyclical industries without strong sponsor backing.
How is Owl Rock Capital Corporation related to Blue Owl Capital?
Owl Rock Capital Corporation is externally managed by Owl Rock Capital Management, a subsidiary of Blue Owl Capital (NYSE: OWL). Blue Owl was formed in 2021 via the merger of Owl Rock Capital and Dyal Capital Partners. Owl Rock Capital Corporation is one of several BDCs managed by Blue Owl, alongside offerings like Owl Rock Technology Capital (per Blue Owl's public filings).
What is Owl Rock Capital Corporation's known posture on co-investments alongside external GPs?
Owl Rock Capital Corporation primarily originates direct loans to companies backed by private equity sponsors and does not typically engage in co-investments with external GPs as a limited partner. However, the firm's loans often support sponsor-led M&A transactions, where the sponsor is a GP and Owl Rock provides the debt financing.
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