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Owl Rock Capital Group Announces Strategic Minority Investment by Dyal Capital

NEW YORK, November 11, 2019 – Owl Rock Capital Group (“Owl Rock”), a leading alternative asset management firm, announced today that it has sold a passive, non-voting minority stake to Dyal Capital Partners (“Dyal”), a division of Neuberger Berman. Terms of the investment were not disclosed.

Dyal’s investment provides Owl Rock with additional permanent capital to continue providing highly customized direct lending solutions to U.S. middle market companies. Owl Rock plans to use all proceeds from the transaction to invest in Owl Rock products, which are expected to include complementary product launches and strategies in 2020.

There will be no changes in the management, strategy, investment process, or day-to-day operations of Owl Rock or any Owl Rock managed product, including Owl Rock Capital Corporation (NYSE: ORCC), a publicly-traded business development company (BDC) that is externally managed by an affiliate of Owl Rock.

“This is an exciting development in the evolution of Owl Rock,” said Doug Ostrover, Marc Lipschultz and Craig Packer, Owl Rock’s co-founders. “Dyal has an outstanding track record of investing in established asset managers like Owl Rock and will be a terrific strategic partner as we execute on our long-term initiatives. We look forward to putting this capital to work to continue growing our platform and delivering attractive risk-adjusted returns to investors.”

“We are very excited to be partnering with Owl Rock,” said Michael Rees, Head of Dyal Capital. “Owl Rock has become a leading private credit firm with an outstanding reputation for origination and underwriting and the second-largest BDC platform in the world with approximately $14.6 billion in assets under management across its vehicles.”

Kirkland & Ellis served as legal counsel to Owl Rock. Fried Frank served as legal counsel to Dyal.