Alternative asset managers Blue Owl Capital and Lunate, have entered into a joint venture to provide growth capital to leading mid-sized private capital general partners (GPs).
The joint venture will seek to acquire minority stakes in private market investment managers with fee-paying assets under management of less than $10bn (€9.3bn). The firms said the focus would be on GPs with a clear sector specialisation, “differentiated approach, strong leadership and culture, and an established foundation of a durable, stable platform with identifiable key drivers of franchise value”.
“We are excited to partner with Lunate, which is a leading global private markets solutions provider based out of Abu Dhabi,” said Michael Rees from Blue Owl.
“They bring valuable investment experience as both an LP [limited partner] and minority GP stake investor. We think the combined effort will be truly differentiated for mid-sized GPs and be complementary to our existing strategy focused on larger managers,” he added.
Khalifa Al Suwaidi, managing partner at Lunate, added: “Our joint venture with Blue Owl speaks to Lunate’s aim of identifying and investing in a mid-sized GP stakes strategy that will enable our clients to participate in the broader dynamics of private markets investing.
“Blue Owl are pioneers and leaders in this space, and together, we are well positioned to add strategic value through our multi-asset platform, global networks, and industry expertise.”
Abu Dhabi-headquarted Lunate invests primarily in private markets through a multi-asset class approach, including private equity, venture capital, private credit, real assets, and public equities and public credit.
It has $105bn of assets under management. US-headquarted Blue Owl has $157bn in assets under management and invests across three multi-strategy platforms: credit, GP strategic capital, and real estate.
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