Blue Owl Capital is acquiring Wellfleet Credit Partners, the performing credit arm of alternative investment firm Littlejohn & Co., a spokeswoman said in an email.
Wellfleet manages 16 collateralized loan obligations with more than $6.5 billion in assets under management as of Dec. 31. Blue Owl had about $82.9 billion in assets under management, pro forma, as of Sept. 30.
Terms of the deal are not being disclosed.
Scott McKay and Dennis Talley, both managing directors who lead the Wellfleet business at Littlejohn, will join Blue Owl, continuing as Wellfleet's lead portfolio managers. When the transaction closes in March, Wellfleet will become part of Blue Owl's Owl Rock division under the leadership of Craig Packer, Blue Owl co-founder and a senior managing director.
"We are excited to welcome Scott, Dennis and the rest of the Wellfleet team," Mr. Packer said in a joint news release. "Wellfleet's unique expertise, together with its deep institutional knowledge of the syndicated loan market and strong credit research platform, will enhance the overall strategic capabilities of the Owl Rock business."
Littlejohn launched Wellfleet in 2015 as its private credit arm.
