Blue Owl Commits to Tenth $1 Billion Private Financing in 2021
(Bloomberg) -- Blue Owl Capital Inc. recently committed funding to its tenth $1 billion-sized financing of 2021, the latest sign of rapid growth in private lending, co-president Mark Lipschultz said Tuesday.
“The shift that’s going on in terms of the amount of market available to the private credit side is far exceeding the supply of capital,” Lipschultz said in an interview on Bloomberg TV at the Greenwich Economic Forum, where he was scheduled to speak Tuesday afternoon.
When he started Owl Rock Capital Corp., the predecessor to Blue Owl, the private lending markets hadn’t yet seen a $1 billion financing, he said.
Meanwhile rising interest rates aren’t a worry for Blue Owl, which gets its revenue from fixed fees, Lipschultz said. “We’re in the floating-rate loan business, so actually rising rates are a direct beneficiary to the people that invest in our funds,” he said.
Owl Rock Capital completed a merger with Dyal Capital Partners in August, creating an asset manager with more than $50 billion under management.
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