Blue Owl Capital is acquiring the healthcare private equity funds of Cowen Healthcare Investments from Cowen Investment Management, effectively buying the business, a news release said.
The deal is expected to close in the fourth quarter and will move Cowen Healthcare Investments' roughly $1 billion in life science assets into Blue Owl's $150 billion in assets under management.
Cowen and Blue Owl executives are declining to comment beyond Blue Owl's press release. Further transaction details are not being disclosed.
Cowen Healthcare Investments closed its latest fund, the $555.6 million Cowen Healthcare Investments IV, in May. Cowen Healthcare makes mid- to-late-stage equity investments in biopharmaceutical and healthcare companies.
"The rapid level of innovation within science and technology is driving a deep need for private capital solutions to support the life sciences sector's exponential growth," said Marc Lipschultz, co-CEO of Blue Owl Capital, in the release.
As part of the transaction, the Cowen Healthcare Investments team -- including Kevin Raidy, managing partner; Tim Anderson, partner and head of research; and Rob Sine, partner and head trader -- will become full-time Blue Owl employees. When the deal closes, the unit will be renamed Blue Owl Healthcare Opportunities.