Blue Owl Preps Its First Fund to Buy Secondhand Private Credit

Blue Owl Capital is preparing to launch its first credit secondaries strategy, a vehicle that would acquire existing private credit exposures from current holders rather than originating new loans, according to Bloomberg. The report, citing a person familiar with the matter, said the firm has begun early-stage conversations with prospective investors about the fund.

The source did not provide details on target fund size, fee structure, investor commitments or expected closing timeline. A Blue Owl spokesperson declined to comment on the plans, so the report rests on a single unnamed source and the details remain unconfirmed.

For allocators, the development signals continued expansion by alternative managers into the secondary market for private credit, a segment that has grown alongside direct lending as institutions seek liquidity in illiquid loan portfolios. Blue Owl's entry would add a major platform to a competitive field of secondary buyers.