Owl Rock Capital Corporation has garnered $3.2 billion in equity commitments as of 30 June, according to its second-quarter report filed with the US Securities and Exchange Commission.
The New York-based business development company has rounded up commitments at a rapid clip, having collected more money to deploy in the almost 18 months since it launched than some private credit firms have collected for multiple vehicles. The firm had landed $2.5 billion in commitments at the end of the first quarter, marking an increase of $700 million in the second quarter.
Owl Rock’s net new investment commitments over the second quarter totalled $718.39 million – some $863.26 million in gross originations less $144.88 million in sell downs – and included investments in 10 new portfolio companies. It was unclear whether commitments were made to existing portfolio companies, and no loans were on non-accrual.
A representative for the mid-market lender 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.
The firm reported $19.28 million for after-tax net investment income for the second quarter, compared with a $2.6 million loss in the second quarter of 2016. The firm’s net asset value per share was $15.15, which is up from $14.85 at the end of the first quarter.
In the second quarter, the firm also formed a $200 million joint venture with the Regents of the University of California, dubbed Sebago Lake, will invest in mid-market loans and broadly syndicated loans. UC and Owl Rock will each commit $100 million to the effort.
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 a mid-market companies, which the firm defines as those with between $10 million and $250 million of EBITDA.