Owl Rock Capital has done almost $1 billion in deals in the second quarter so far, of which it has lent more than $600 million, across a variety of industries including real estate and software services.
The New York-based business development company has originated $980.4 million from 1 April through Friday, according to a regulatory filing with the US Securities and Exchange Commission. After repayments or exits, the firm has added $733.9 million to its balance sheet.
Over that same period, Owl Rock has funded $680.7 million of its commitments so far, the vast majority, or $629.7 million, of which were to 10 new portfolio companies. The largest investment funded during the quarter has been for Cushman & Wakefield, at $125 million. That deal, a second lien senior secured loan, is priced at LIBOR plus 7.75 percent and matures in November 2022.
The Cushman deal is also potentially Owl Rock’s largest investment to date. According to its latest quarterly filing, for the three months ending 31 March, the largest commitment Owl Rock had made was an $80.98 million first lien senior secured loan to an advertising and media company.
Its second and third largest deals funded in the second quarter were, respectively, a $115.5 million first lien senior secured loan to Feradyne Outdoors and a $108.84 million first lien senior secured loan to Dominion Web Solutions. Both were priced at LIBOR plus 6.25 percent.
Owl Rock also appeared to participate in a $675 million unitranche financing to PetVet Care Centers, a deal led by Golub Capital that refinanced first lien and second lien credit facilities held by the US veterinary hospital provider, an Ontario Teachers’ Pension Plan portfolio company. Owl Rock had funded a $31.36 million investment in PetVet.
The BDC had $2.8 billion in capital commitments from 374 investors as of 19 May, according to additional SEC documents. In the second quarter so far, the firm has received at least one additional commitment; the Ohio Police and Fire Pension Fund committed $75 million to Owl Rock as part of a direct lending mandate. It drew down $150 million of that money, which was scheduled to close 9 June, according to a late May regulatory filing.
Owl Rock’s net asset value per share stood at $15.05 as of 31 March, compared with $14.85 as of 31 December.
A representative for the firm did not immediately respond to request for comment.