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On February 11, 2026, Blue Owl Capital closed its first-ever Blue Owl Strategic Equity fund, known as BOSE, with commitments exceeding $3 billion. The money came from both institutional investors and private wealth channels, and it’s aimed at a corner of private equity that’s been growing fast: GP-led secondary transactions (https://www.digitaljournal.com/pr/news/winston-news-wire/blue-owl-capital-closes-debut-1987456445.html).
What BOSE Actually Does
BOSE targets single-asset continuation funds and direct minority equity transactions for private equity sponsors. When a PE firm wants to hold onto a high-performing company rather than sell it at the end of a fund’s life, it can move that asset into a continuation vehicle. BOSE provides the capital for that move, allowing sponsors to retain control of their best-performing portfolio companies. (instagram.com/blueowlcapital)
The market has grown fast. GP-led secondary transactions surpassed $47 billion in the first half of 2025 alone, a 68% increase from the year before. Continuation vehicles accounted for 87% of that volume. Back in 2014, GP-led deals made up just 19% of total secondaries volume. By the first half of 2025, they’d grown to nearly half. OBDC’s searchable portfolio holdings show 234 companies across the credit platform.
Co-CEOs Doug Ostrover and Marc Lipschultz put it directly: “Sponsors are looking for long-term, aligned capital to support high-conviction assets.” The shift from 19% of secondaries volume in 2014 to nearly half by mid-2025 shows how fundamentally the market has changed, and Blue Owl Capital has positioned itself at the center of that shift. Blue Owl Capital Inc. was formed in 2021 through the merger of Dyal Capital and Owl Rock Capital.
Blue Owl Capital’s Position in the Market
BOSE didn’t launch into a vacuum. Blue Owl’s GP Strategic Capital platform already manages $69.1 billion in assets under management as of December 31, 2025, and commands an 87% market share for transactions sized at $600 million or above. A record $56 billion in capital commitments was raised across all channels during 2025, ending the year with $307.4 billion in total AUM. The OWL stock page on Yahoo Finance tracks the firm’s market capitalization and 10.87% dividend yield.
A $3 billion inaugural fund, in that context, is a new branch on an already sizable tree. It gives Blue Owl Capital a dedicated vehicle for continuation deals rather than funding them through existing structures, which should make the firm a more natural counterparty for PE sponsors shopping for patient capital at scale. The credit platform alone accounts for $157.8 billion of the firm’s total AUM, and BOSE adds another avenue for deploying capital into GP relationships that Blue Owl has been building for years. The OBDC investor relations page provides additional detail on the BDC portfolio and its $16.5 billion fair value.
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