Blue Owl’s Dyal Plans $2 Billion Middle-Market Stakes Fund

Blue Owl Capital Inc.’s Dyal Capital Partners plans to raise at least $2 billion for a new fund dedicated to buying minority stakes in mid-sized alternative asset managers, according to people with knowledge of the matter.

The effort is separate to Blue Owl’s flagship GP stakes strategy, which increasingly acquires stakes in larger managers in part because of the expanded size of its funds, said the people, asking not to be identified discussing private information.

The new vehicle will compete against institutions like Bennett Goodman and Avi Kalichstein’s Hunter Point Capital, Bonaccord Capital Partners and RidgeLake Partners, ...