Owl Rock raises $2.2bn

The firm has raised $500 million since it last reported total capital commitments.   

Owl Rock Capital Partners, the New York-based business development company, has raised $2.2 billion in equity as of 30 September, the firm said in its quarterly report.

The firm – launched this year by Marc Lipschultz, formerly of KKR, and Doug Ostrover, formerly of GSO Capital Partners – previously reported $1.7 billion in equity sales this year in a regulatory filing made in August with the US Securities and Exchange Commission. Owl Rock’s executives have provided $112.4 million of that capital.

Over the summer, Owl Rock landed a $600 million commitment from the New Jersey Division of Investment pension fund, $400 million for the BDC and $200 million in co-investments.

Last month, the firm reported $14.50 net asset value per share for the third quarter, up from $14.23 in the second quarter. For the three months ending 30 September, the firm reported a net investment income of 4 cents per share, up from the 74 cents per share loss the firm reported in the second quarter.

After investing heavily in second lien debt for the three months ending 30 June, Owl Rock put its money into first lien investments for the third quarter, with $312 million of its $430.5 million of new funding being further up in the capital structure. The firm listed gross originations of $468.5 million, which fell to $443.5 million in new commitments after selling off $25 million.

The firm’s portfolio is made up of companies in eight industries, with the largest by far being food and beverage (30.1 percent). Professional services (17.2 percent) and healthcare equipment (13.1 percent) make up the second and third largest portfolio sectors.

PE Hub first reported the news of the capital raise, citing a source familiar with the situation. A representative for the firm declined to comment.