Blue Owl Is the Sum of All Investor Fears
Marc Lipschultz, co-chief executive officer of Blue Owl Capital, argues that investors are jumping at shadows.
Photographer: Michael Nagle/BloombergBlue Owl Capital Inc. is caught in a trifecta of market worries about private credit, artificial intelligence and the flightiness of wealthy individuals who’ve been the new growth hope for alternative managers in recent years. Its abortive effort to give investors an easier exit from one of its unlisted private credit funds by merging it with a listed version thrust it into the spotlight last week.
Co-Chief Executive Officer Marc Lipschultz has argued that markets are in the grip of a mass delusion about all three issues, and he may be half right. But investors have good reasons to be edgy and, right now, Blue Owl is the perfect focus for those concerns. Its shares will remain under pressure until something changes.