Blue Owl Capital closed its latest private credit fund, Owl Rock Opportunistic Fund, with $2 billion, said Nicole Drapkin and Jesse Huff, managing directors who co-head the firm’s opportunistic credit business.
The fund is structured "for all seasons" to provide flexibility that is customized to companies' special situations, said James Clarke, a managing director at Blue Owl.
Owl Rock Opportunistic Fund can provide structured loans that would not fit in the firm's direct lending strategies, such as such as rescue financings, recapitalizations, and debtor-in-possesion loans, Ms. Drapkin said.
Investors in the fund include the $308.6 billion California State Teachers' Retirement System, West Sacramento.
Alternative investment firm Blue Owl was formed in May by the merger of Owl Rock Capital Group and Neuberger Berman Group's former subsidiary Dyal Capital Partners with special purpose acquisition company Altimar Acquisition Corp.