Blue Owl Capital Co. III (NYSE: OBDE) is a closed-end management investment company organized as a business development company under the Investment Company Act of 1940. Launched in 2022, it is externally managed by an affiliate of Blue Owl Capital, a global alternative asset manager formed through the combination of Owl Rock and Dyal Capital Partners. The vehicle is designed to provide investors with access to a diversified portfolio of middle-market credit investments, leveraging Blue Owl’s established platform and industry expertise.
The company’s primary business activity is making direct lending and debt investments in private U.S. and select international companies. Its portfolio typically includes senior secured loans, unitranche financings, second lien debt, and subordinated debt, as well as selective equity co-investments. By focusing on customized financing solutions, OBDE seeks to generate competitive risk-adjusted returns while offering middle-market borrowers flexible capital structures for growth initiatives, acquisitions, and recapitalizations.
Operating across a broad range of industries—including healthcare, technology, financial services, and business services—Blue Owl Capital Co. III draws on a team of seasoned credit professionals with deep sector knowledge and extensive experience in structuring and underwriting private credit transactions. The firm’s investment process emphasizes rigorous credit analysis, proactive portfolio monitoring, and diversified exposure to mitigate risks associated with individual issuers or sectors.
Headquartered in New York City, Blue Owl Capital and its management team maintain a global footprint, with offices in key financial centers to support cross-border investments and client relationships. The firm is led by a leadership group with decades of combined experience in alternative credit management, including co-founders and senior executives who have overseen the growth of direct lending strategies since the platform’s inception. Through its disciplined investment approach and alignment of interests with investors, OBDE aims to deliver consistent income and capital appreciation over the long term.
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