Blue Owl buys Asia-based placement agent
US alternative asset manager Blue Owl Capital has acquired Hong Kong placement agent Ascentium with a view to establishing a physical presence in the territory and pursuing a broader regional expansion.
Financial terms were not disclosed. Ascentium will be renamed Blue Owl Capital HK, and its CEO, James Lee, will serve as head of Blue Owl’s institutional sales team in Asia. It follows closely on the establishment of a Singapore office.
“There is tremendous opportunity for GP stakes, direct lending, and real estate solutions in the APAC region and we look forward to bringing our unique offerings to a market that is well-positioned for long-term growth,” Blue Owl CEO Douglas Ostrover said in a statement.
Blue Owl was formed earlier this year when Owl Rock Capital and Dyal Capital Partners were acquired by a special purpose acquisition company (SPAC) and merged. The firm, which began trading on the New York Stock Exchange in May, aims to provide public investors exposure to fast-growing alternatives segments.
It has about 300 employees across its direct lending and GP capital solutions divisions and has nine offices globally, including Hong Kong. Assets under management came to about $70.5 billion as of end-September, the largest portion of which ($34.7 million) was in GP stakes. The second-largest allocation was in diversified lending with $22.2 billion.
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