What happens when a private equity firm needs capital for itself — not for a deal, but for the business? One answer: it sells a minority stake to a buyer willing to hold that position permanently, sharing in the firm’s management fees, carried interest, and balance sheet returns. That is the core of what GP stakes investing looks like, and Blue Owl Capital has built the largest platform in the market around it.
Blue Owl’s GP Strategic Capital arm — originally known as Dyal Capital when it launched in 2010 — holds equity partnerships with more than 45 private capital firms that collectively manage over $2 trillion in assets. As of Q3 2025, the platform oversaw $68.8 billion in AUM across three sub-strategies: GP minority stakes, GP debt financing, and professional sports minority stakes.
How GP stakes work and why managers sell them
A GP stake transaction typically involves the purchase of a non-controlling equity interest in an alternative asset manager. That interest entitles the holder to a pro-rata share of the firm’s cash flows — management fees, performance fees, and returns from the GP’s own fund commitments.
Managers sell for a range of reasons: to fund GP commitments in new vehicles, to provide liquidity for departing partners, to finance acquisitions, or to bring on an institutional partner with operational resources. Blue Owl offers a 55-person-plus Business Services Platform that works with partner managers on areas like fundraising support, talent acquisition, and technology.
Blue Owl’s position and scale in this market
According to the firm’s own positioning materials, Blue Owl’s GP Strategic Capital platform accounts for more than 60% of overall capital raised in the GP stakes market and has completed nearly 90% of all transactions above $600 million. Its most recently completed flagship fund, GP Stakes V, was more than twice the size of funds raised by its closest competitors.
Co-CEO Marc Lipschultz has described GP-led secondaries — a newer adjacent product — as “the best way to participate in private equity today.” Blue Owl recently raised more than $3 billion in commitments for Blue Owl Strategic Equity (BOSE), its first dedicated GP-led secondaries fund. BOSE will invest in continuation vehicles and other minority transactions — a market that reached $106 billion in transaction volume in 2025, according to Evercore.
Keep reading: Blue Owl brings in over $3bn for strategic equity, secondaries fundraise
