The University of California's Office of the Chief Investment Officer and alternative asset manager Owl Rock Capital Partners committed $100 million each to a direct lending joint venture aimed at middle-market companies, shows regulatory filings with the Securities and Exchange Commission.
Owl Rock, based in New York and founded in 2016, specializes in making loans to middle-market companies in the U.S. across various sectors.
The firm's website says it has initiated $1.4 billion in loans since its inception. The university system oversees about $97 billion, including the endowment and the pension fund.
Jagdeep Singh Bachher, the chief investment officer, has revamped the invested staff, fired dozens of equity managers and pushed alternative investments including renewable energy, water conservation projects and venture capital initiatives since he was hired in 2014.
Officials at Owl Creek and the university did not return phone calls seeking comment.