Dyal Capital Partners

What Dyal Capital Partners does

Dyal Capital Partners is the predecessor entity that now operates as Blue Owl Capital's GP Strategic Capital platform, providing long-term minority equity stakes and structured capital to alternative asset managers globally. Founded in 2011 by Michael Rees, Dyal pioneered the GP-staking model and has since executed 70+ partnerships per Blue Owl's most recent disclosure (March 31, 2026), with the platform holding $70.6B in AUM. The platform sits within Blue Owl Capital Inc. (NYSE: OWL), a $315B AUM alternative asset manager formed via the combination of Dyal with Owl Rock Capital and other sponsor-related platforms, and listed via IPO in 2021.

The GP Strategic Capital platform acquires minority equity positions in private equity sponsors, credit managers, infrastructure operators, and other alternative investment firms, offering permanent capital that is not subject to traditional fund-life constraints. Blue Owl complements this with two other core platforms — Credit ($159.2B AUM, $195B gross originations) and Real Assets ($85.1B AUM, 6,145+ properties) — and operates a portfolio of BDCs (OBDC, OTF publicly traded; OCIC, OTIC, OBDC II non-traded), the OWLCX interval fund, and cross-platform Insurance Solutions.

Revenue is generated primarily through management fees on AUM across the three platforms (e.g., ~0.75% of NAV on certain GP Strategic Capital and interval fund strategies), incentive/performance fees (10% above a 6% hurdle on certain share classes), and distribution/servicing fees on non-traded share classes (up to 0.85% Class A distribution, 0.15% Class C servicing). Distribution operates through direct institutional sales to endowments, pension funds, sovereign wealth funds and insurance companies, plus wealth management channels (LPL, Morgan Stanley, Goldman Sachs, JPMorgan) for non-traded products and NYSE-listed BDCs for public market investors. The firm employs 1,390+ people across 15+ markets globally, including a new Abu Dhabi office.

Name

Dyal Capital Partners

Legal name

Blue Owl Capital Inc.

Website

https://blueowl.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Dyal Capital Partners operates as Blue Owl Capital's GP Strategic Capital platform, providing permanent minority equity capital to alternative asset managers. Founded 2011 by Michael Rees, it holds $70.6B AUM across 70+ GP partnerships within the $315B Blue Owl franchise.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399), Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Secondary Fund Stakes (GP/Manager Stakes in Secondary GPs) (FSANAFAD)

akta.pro secondary industries

GP-led Secondaries — Fund Restructurings / Tender Offers / Recaps (FSAHALAK), GP-led Continuation Funds (Single-Asset & Multi-Asset) (FSANAFAB)

Keywords

• GP minority stakes
• Private capital solutions
• Alternative asset management
• GP strategic capital
• Permanent capital investments

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Management Fees — GP Strategic Capital: Dyal Capital (GP Strategic Capital platform) charges management fees on assets under management related to GP minority stakes, fund stakes, and co-investment strategies. Management fees are typically charged as a percentage of NAV or committed capital.
2. Management Fees — Direct Lending / Credit: Management fees charged on assets under management across Blue Owl's credit platforms (senior direct lending, technology lending, flexi-cap lending). Fee rates vary by fund and share class.
3. Incentive Fees / Performance Fees: Performance-based incentive fees (e.g., 10% incentive fee with a 6% hurdle rate on certain share classes) charged on investment returns above specified thresholds across managed funds and strategies.
4. Distribution and Servicing Fees: Servicing fees (up to 0.15% annually for Class C shares) and distribution fees (up to 0.85% annually for Class A shares) charged on certain non-traded product share classes to compensate distribution partners and cover servicing costs.
5. Transaction and Solicitation Fees: Fees earned in connection with capital raises, transaction structuring, and investor solicitation activities related to GP minority stake deals and co-investment opportunities.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Dyal Capital Partners, now operating as Blue Owl's GP Strategic Capital platform, provides long-term minority equity stakes and strategic financing to alternative asset managers and private equity sponsors. The firm delivers permanent capital solutions enabling GPs to provide liquidity to legacy investors, access new LP commitments, and grow AUM without launching new blind-pool funds. With $70.6B AUM across 70+ partnerships, the platform combines GP minority stakes, fund restructuring, and co-investment strategies.

Product overview

Blue Owl Capital operates as a global alternative asset manager with three core investment platforms: Credit ($159.2B AUM), Real Assets ($85.1B AUM), and GP Strategic Capital ($70.6B AUM), totaling $315B AUM. The Credit platform offers direct lending through publicly traded BDCs (OBDC, OTF) and non-traded BDCs (OCIC, OTIC, OBDC II), plus the OWLCX interval fund for alternative credit. Real Assets provides flexible capital across asset classes including net lease, digital infrastructure, and real estate. GP Strategic Capital provides minority equity stakes in alternative asset managers through Dyal Capital's predecessor platform, supporting 70+ partnerships with strategic services.

Differentiator

Problem solved

Functional benefit

Brands

• OBDC (Blue Owl Capital Corporation): Publicly traded business development company on the NYSE focused on direct lending to U.S. middle-market companies.
• OTF (Blue Owl Technology Finance Corp.)
• OCIC (Blue Owl Credit Income Corp.)
• OTIC (Blue Owl Technology Income Corp.)
• OWLCX (Blue Owl Alternative Credit Fund)
• Dyal Capital (GP Strategic Capital)
• The Nest
• TALON

Products and services

• GP Strategic Capital Platform Provides long-term minority equity and financing to private capital investment managers, offering strategic support through the Business Services Platform. Holds $70.6B AUM across 70+ partnerships with alternative asset managers.
• Strategic Equity Secondaries Strategy Inaugural secondaries-focused strategy raising over $3 billion across institutional and private wealth channels, providing secondary liquidity solutions to private market investors and GPs.
• Asset Special Opportunities Fund Real assets investment strategy with $2.9 billion final close, providing flexible capital solutions across asset classes and geographies.
• Business Services Platform Value-add platform supporting GP partner managers beyond the transaction by helping drive growth and guiding managers on industry best practices, enabling partner firms to pursue their own strategic vision.

Quantifiable outcome

• Blue Owl Capital ranked #1 PE Investor globally by Preqin in 2023, reflecting strong investment performance track record across its platforms.
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• Atlas Holdings LLCminorOthersAtlas Holdings LLC is a private equity firm and one of the alternative asset managers in Dyal Capital's GP minority stake portfolio. Atlas Holdings received a strategic minority investment from Blackstone Tactical Opportunities as a separate capital provider, and is separately connected to Dyal Capital through GP minority stake ownership structures. Atlas Holdings operates across industrial, equipment services, and environmental services sectors.
• Cleveland Cavaliers / NBAminorOthersBlue Owl's Dyal HomeCourt Partners acquired a stake in the Cleveland Cavaliers NBA franchise. Dyal HomeCourt Partners is a sports investment vertical within the Dyal Capital / GP Strategic Capital platform focused on acquiring minority stakes in sports franchises and related assets, leveraging the permanent capital model pioneered by Dyal in traditional alternative asset management.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Petershill Partners: Goldman Sachs's publicly listed GP minority stakes platform with ~$24B AUM. The most direct competitor to Dyal in the GP stakes space, targeting similar alternative asset managers with minority equity investments.
• Intermediate Capital Group (ICG): London-listed alternative asset manager operating ICG Strategic Equity, a GP minority stakes platform that competes directly with Dyal for alternative asset manager partnerships globally.
• StepStone Group: Publicly traded (STEP) investment firm focused on secondaries, co-investments, and GP stakes strategies. Directly competes with Dyal's GP Strategic Capital and secondaries expansion.
• Lexington Partners: One of the largest dedicated secondary private equity and GP-led continuation fund investors, directly competing with Dyal's secondaries strategy expansion.
• HarbourVest Partners: Publicly traded (HVPE) global private markets investment firm with significant exposure to secondaries, primary fund investments, and GP relationships—overlapping with Dyal's GP minority stake and secondaries strategies.

Broad incumbents

• Apollo Global Management: Global alternative asset manager (NYSE: APO) with significant GP stakes exposure through Apollo S3 Partners and broader alternatives franchise. Larger incumbent competing across multiple Dyal service lines including GP capital solutions and secondaries.
• Blackstone (Blackstone GP Stakes): Largest alternative asset manager (NYSE: BX) with its own GP Strategic Capital platform investing in alternative asset managers. Demonstrated capability by co-investing with Blue Owl in Atlas Holdings in March 2026.
• Sixth Street: Large global investment firm (TAO-listed) operating across private credit, GP capital solutions, and direct lending. Overlaps with Blue Owl's Credit platform and increasingly with GP strategic capital solutions.

Emerging players

• Reverence Capital Partners: Private investment firm focused on GP minority stakes in asset and wealth management businesses. Niche but growing direct competitor to Dyal in the financial services-focused GP stakes segment.
• Industry Ventures: Specialized investment firm focused on venture capital fund-of-funds, secondaries, and GP minority stakes in venture managers—competing with Dyal for venture and growth-stage GP partnership opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/blueowlcapital
• LinkedInlinkedin.com/company/blue-owl-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments25 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dyal Capital Partners