Owl Rock raises $4.6bn, nearing top end of fundraising goal

The firm, launched in February 2016 by three private credit luminaries, has raised more than some established credit firms’ assets under management.

Owl Rock Capital Corporation continues its prodigious fundraising, as it nears the $5 billion mark little more than 18 months after the firm launched, according to a regulatory filing submitted to the US Securities and Exchange Commission. 

The New York-based business development company has raised $4.62 billion from 5,874 investors, a sharp uptick from the $3.2 billion it had locked down as of 30 June. Owl Rock initially set a goal of between $3 billion and $5 billion, according to documents from the New Jersey Division of Investment, which committed $600 million to the firm.

An Owl Rock representative could not be reached for comment.

The firm has invested in 19 sectors as of 30 June, with the top three comprising distribution (13.9 percent of the portfolio), food and beverage (11 percent), and healthcare equipment and services (10.2 percent). Its largest holding is a $125 million second lien senior secured term loan, priced at LIBOR plus 7.75 percent, in real estate company Cushman & Wakefield.

Former KKR global head of energy and infrastructure Marc Lipshultz, former GSO Capital Partners co-founder Doug Ostrover and former co-head of leveraged finance at Goldman Sachs Craig Packer launched Owl Rock in February 2016. The firm invests in mid-market companies, which the firm defines as those with between $10 million and $250 million of EBITDA.