Blue Owl Nearing Close of $2.7 Billion Secondary Stake Sale

Blue Owl Capital Inc. is approaching the close of a secondary transaction for a prior flagship fund, collecting $2.7 billion in debt and equity, according to people familiar with the matter.

The firm structured the transaction for its Dyal Capital Partners IV in what it described as a fund-backed note, the people said. That involved moving part of its minority stakes in private asset managers into a new vehicle that raised $1 billion of equity. Blue Owl also amassed $1.7 billion from three debt instruments backed by the underlying assets in the fund.

The deal is expected to close as ...