Blue Owl Capital snaps up Atalaya Capital Management in $450m deal
Blue Owl Capital, a New York-based alternative asset manager with $174 billion in assets under management (AUM), has agreed to purchase US alternative credit manager Atalaya Capital Management for $450 million.
Blue Owl Capital buys Atalaya Capital Management for $450 million
The $450 million acquisition consists of $350 million in Blue Owl equity and $100 million in cash. Moreover, Blue Owl states that there is potential for up to “$350 million of earnout consideration in the form of equity, subject to certain adjustments and achievement of future revenue targets”.
Founded in 2006 by company chief investment officer Ivan Zinn, Atalaya had more than $10 billion in AUM at the end of June 2024. The firm primarily targets credit investments in consumer and commercial finance, corporate, and real estate assets.
The firm claims to have invested over $17 billion in capital since its inception and boasts a workforce of approximately 115 employees, which includes more than 50 investment professionals.
Upon the deal’s closing, expected in H2 2024 subject to customary closing conditions, Atalaya’s team will join Blue Owl and continue overseeing existing Atalaya funds. Additionally, Zinn will join Blue Owl as head of alternative credit, reporting to the company’s head of credit and co-president, Craig Packer.
Speaking on the move, Blue Owl’s co-CEOs Doug Ostrover and Marc Lipschultz say that “Atalaya significantly expands Blue Owl’s alternative credit offerings and delivers a more robust suite of financing solutions to our stakeholders”.
