Blue Owl Eyes $1.5 Billion in HPS, Clearlake, Golub Stake Sale

Blue Owl Capital Inc. is expected to raise about $1.5 billion through the sale of a portfolio of minority stakes in private asset managers, according to people familiar with the matter.

Goldman Sachs Group Inc. is advising on a deal to transfer stakes in the Dyal Capital Partners IV fund, which includes positions in HPS Investment Partners, Clearlake Capital Group and Golub Capital, into a new structure with a new set of investors.

So-called general partner stakes are ownership shares in the management company themselves, rather than the funds they manage. The stakes go into a new vehicle ...