Benzinga | May 3, 2021 09:54AM EDT

Dyal Capital Partners Reports Investors In Funds It Manages Provided Required Consents To Permit Closing Of Deal With Owl Rock Capital, Altimar Acquisition Corp.

Special Meeting of Altimar Acquisition Corporation Shareholders to Approve Transaction Scheduled for May 18, 2021, Closing Expected on May 19, 2021

Will Create a Publicly Traded $50.9bn AUM Alternatives Manager

NEW YORK, May 3, 2021 /PRNewswire/ -- Dyal Capital Partners today announced that the investors in the funds it manages provided the required consents to permit the closing of its pending strategic combination with Owl Rock Capital Group and Altimar Acquisition Corporation (NYSE:ATAC). Additionally, the Securities and Exchange Commission has declared effective the S-4 filed by Altimar, the special purpose acquisition company buying the merged company to form Blue Owl Capital.

Owl Rock announced in March an overwhelming majority of affirmative votes from shareholders of each of its four requisite business development companies to approve the business combination.

Owl Rock, Dyal and Altimar agreed in December to form Blue Owl, a differentiated $50.9 billion AUM alternative asset manager with industry leading franchises in two of the fastest growing areas of alternative asset management: Direct Lending and GP Capital Solutions. The Dyal Capital Partners funds are currently part of Neuberger Berman, a private, independent, employee-owned investment manager.

Sean Ward, Founding Partner and Managing Director of Dyal Capital Partners said: "We greatly appreciate the broad support we received from our investors and other parties with whom we have engaged during this process. We look forward to finalizing this transaction and strengthening our position as a leading private markets capital partner and investment manager."

Michael Rees, Head of Dyal Capital Partners, said: "We are excited about the benefits we believe Blue Owl will deliver for our stakeholders, including the support we will offer financial sponsors and private companies as they continue to serve as an engine of growth for the broader economy."

Rees will be co-president of Blue Owl alongside Owl Rock Co-Founder and President Marc Lipschultz. Management believes that Blue Owl will offer public investors a uniquely attractive way to gain exposure to the alternative asset management sector through its potential combination of strong growth and margins with a focus on permanent capital and fee related earnings (FRE). Specifically, 91% of Blue Owl's $50.9 billion in AUM will be permanent capital and the company initially will derive all its distributable earnings from FRE, which allows for enhanced predictability of earnings.

A special meeting of stockholders of Altimar to approve the business combination between Dyal Capital Partners and Owl Rock Capital Group is scheduled to be held on Tuesday, May 18, 2021, at 11:30 a.m. ET. If the proposals at the special meeting are approved, the business combination is expected to close on May 19, 2021, subject to the satisfaction of customary closing conditions.

Blue Owl is expected to be listed on the NYSE under the ticker symbol "OWL" following the anticipated close of the business combination.