Blue Owl Capital’s Dyal Capital Partners V closed with a record fund raise of $12.9 billion. The historic fund close comes roughly one year after Blackstone’s Marc Pillemer joined the Dyal Capital division with an eye on growing the business further.
The close of Fund V at the end of 2022 was almost $4 billion more than the team’s previous fund Dyal Capital Partners IV. Fund V has made investments in 17 firms to date, including: CVC Capital Partners, H.I.G. Capital, I Squared Capital, KPS Capital Partners, Lead Edge Capital, MBK Partners and PAI Partners. With these transactions, Fund V has already committed approximately 70% the fund’s capital. The aim is to make investments in roughly 20 private equity firms diversified by asset class, strategy and geography.
Blue Owl’s GP Capital Solutions funds and co-investment vehicles now boast over $37 billion in aggregate commitments, while the firm’s GP Capital Solutions division had minority partnerships in over 55 firms and $47.8 billion in assets under management as of Sept. 30, 2022.
“With over $2 trillion of dry powder across the private equity industry and a leading group of GPs already in the Fund V portfolio, we are incredibly optimistic that we will drive value for both our investors and the general partners,” said Michael Rees, co-founder and co-president of Blue Owl, which purchased Dyal in 2020.
Key to program’s success is the access Blue Owl provides to a 40-person strong business services platform, which is an advisory team of industry professionals who support our partners’ business objectives in a variety of areas including capital strategy, private wealth, human capital advisory, ops advisory, corporate strategy and M&A, ESG advisory, diversity, equity and inclusion and data science, said Sean Ward, senior managing director at Blue Owl.