On November 11, 2019, Owl Rock Capital Group announced that it has sold a minority stake to Dyal Capital Partners.
Pursuant to the agreement, Dyal Capital Partners (“Dyal”), a division of Neuberger Berman, has acquired a passive, non-voting minority stake in Owl Rock Capital Group (“Owl Rock”). No changes are expected to occur in the management or day-to-day operations of Owl Rock. Proceeds from the transaction are expected to be used by Owl Rock to invest in Owl Rock products. Terms of the deal were not disclosed.
Dyal, established in 2011, is a private equity fund that focuses on minority equity interest acquisitions in institutional alternative asset management businesses. It has approximately $21.5 billion in assets under management as of October 31, 2019, and its parent company, Neuberger Berman, has approximately $339 billion in assets under management as of September 30, 2019.
Owl Rock is an alternative asset manager that offers capital primarily to U.S. middle market companies. It has approximately $14.6 billion in assets under management.
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