Statement Regarding Owl Rock Capital Group and Dyal Capital Partners Strategic Discussions

NEW YORK--()--In response to recent media coverage, Owl Rock Capital Group (“Owl Rock”) and Dyal Capital Partners (“Dyal”) today confirmed they are in discussions regarding a potential strategic combination.

The potential combination would bring together two industry leading investment platforms that provide capital solutions to the alternative asset management industry: Owl Rock’s direct lending platform, which provides financing to middle-market companies (most of which are owned or sponsored by alternative asset managers), and Dyal, which provides capital solutions and strategic support to alternative asset managers.

The founders of Owl Rock and Dyal would lead the stand-alone firm, and the investment teams and processes would remain unchanged. The Owl Rock and Dyal founders, alongside Neuberger Berman Group (“Neuberger Berman”), the parent of Dyal, would own meaningful positions in the combined business.

The parties have signed a non-binding letter of intent and are engaged in exclusive negotiations with Altimar Acquisition Corporation, a special purpose acquisition company, to facilitate the potential combination.

Discussions between all parties are ongoing and may not progress or result in a definitive transaction. Entering into any such transaction would be subject to continuing diligence, the negotiation and execution of definitive agreements as well as corporate approvals.

About Owl Rock
Owl Rock Capital Group, together with its subsidiaries (“Owl Rock”), is a New York based direct lending platform with approximately $23.7 billion of assets under management as of September 30, 2020. Owl Rock’s platform consists of multiple investment funds and products including business development companies. Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from some of the world’s leading investment firms and financial institutions. Owl Rock’s relationship-oriented approach to investing seeks to provide companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process.

About Dyal Capital
Dyal Capital seeks to acquire minority equity stakes in and provide financing to established alternative asset managers. With over a decade of experience transacting with institutional financial firms, our team has completed over 50 equity and debt transactions and manages approximately $21.9 billion in aggregate capital commitments as of September 30, 2020. Central to Dyal’s success is our Business Services Platform (the “BSP”). The BSP is a team that provides strategic support to our underlying partners in various areas, which we broadly divide into two categories: Capital Strategy and Advisory Services. Part of Neuberger Berman, the Dyal team is located in New York, London, and Hong Kong.

About Neuberger Berman
Neuberger Berman Group, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for its approach to ESG integration across asset classes. The firm manages $374 billion in client assets as of September 30, 2020, including $103 billion in alternative assets.

Forward Looking Statements
Certain statements made in this press release, and oral statements made from time to time by representatives of Owl Rock, Dyal and Neuberger Berman are “forward looking statements.” Statements regarding the potential combination and expectations regarding the combined business are “forward looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability of the parties to enter into a definitive agreement with respect to the potential combination or to complete the contemplated transactions; matters discovered by any of the parties as they complete their respective due diligence investigation of the other parties; the risk that requisite regulatory, corporate and other approvals and consents for the potential transaction are not obtained or are delayed; the inability to recognize the anticipated benefits of the proposed combination; delays in signing or closing a transaction; difficulties, delays or unanticipated costs in integrating the operations or personnel of Owl Rock and Dyal; unexpected costs resulting from the transaction; changes in general economic conditions, including as a result of the COVID-19 pandemic; and regulatory conditions and developments. None of Owl Rock, Dyal or Neuberger Berman undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.


Prosek Partners
David Wells / Andy Merrill / Josh Clarkson / /


Prosek Partners
David Wells / Andy Merrill / Josh Clarkson / /