Blue Owl Lures Abu Dhabi’s Lunate for Wagers on Mid-Size Asset Managers

Blue Owl Capital Inc. said it will partner with Lunate, an investment manager backed by Abu Dhabi sovereign wealth fund ADQ, to buy minority stakes in mid-size asset managers.

Lunate will contribute about $500 million to the effort, for which Blue Owl is seeking to raise $2.5 billion, according a person familiar with the effort, who asked not to be identified discussing confidential information.