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Blue Owl is seeking around $2bn of capital for a new opportunistic credit fund, according to 9fin sources. 

Nicole Drapkin and Jesse Huff are co-heads of Blue Owl’s opportunistic credit strategy. The firm closed its inaugural Owl Rock opportunistic fund in 2021 — that vehicle was also sized at $2bn, and focused on direct investments such as rescue financings and bankruptcy loans.

The new fundraising comes as a raft of debt-laden companies face cash flow pressures amid higher interest rates and an uncertain business environment. It also reflects the growing popularity of opportunistic credit strategies, which have gone through a rebranding of sorts after the pandemic sparked demand for creative financing solutions. 

Opportunistic credit funds generally have a broad mandate, allowing a multitude of different structures so long as returns are relatively high. Other lenders that have looked to similar strategies this year include Brookfield and Blackstone.

Blue Owl is a household name in private credit, as well as being active in CLOs (as our structured credit team recently reported). It also operates in areas including real estate and life settlements, but it is probably best known for its heft in large direct lending deals, often with unitranche structures. 

Over the past 12 months, the firm has originated nearly $15bn of M&A financing, according to a recent earnings call. Recent deals the firm has backed include the roughly $2bn buyout of Worldwide Clinical Trials and the $6.5bn LBO of software firm New Relic.

Headquartered in New York, Blue Owl manages roughly $150bn in assets. If you want more background, you can listen to our podcast with its co-founder Craig Packer here; the firm declined to comment for this article.

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