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Dyal, Owl Rock to Merge Into Behemoth Asset Manager via SPAC

  • Blue Owl to become publicly-listed via Altimar combination
  • New entity to focus on direct lending, general partner capital
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Neuberger Berman’s Dyal Capital Partners and direct lender Owl Rock Capital Partners have agreed to merge via a blank check company, forming a new alternative asset manager overseeing $45 billion.

The firms -- which will create a newly formed entity named Blue Owl Capital Inc. -- will go public through a combination with Altimar Acquisition Corp., a special purpose acquisition company backed by HPS Investment Partners, according to a Wednesday statement. The merged company is expected to have a market capitalization of about $12.5 billion.