Blue Owl poised to revive Dyal IPO plan in H2 2023

Cristiano Dalla Bona
06 January 2023

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Blue Owl Capital, a New York-based alternative asset manager, is keen to resume preparation for an IPO of Dyal Capital Partners in the second half of this year, sources with knowledge of the situation said.

After plans for a listing were reportedly put on hold last year, three sources said the asset manager thinks it could go ahead with it during the summer, or in early September, without too big a cut in valuation hopes. There have been reports of a GBP 10bn valuation target.

The listing venue will likely be London, although the sources noted Blue Owl is yet to comment publicly on the plans. The local investor base is believed to be appreciative of this type of company due to the centrality of the financial services industry to London, and the success of similar IPOs in previous years, said one of the sources.

Another source said the state of the market does not make a listing easy in the next few months, however, in due course, the operation is believed to be feasible.

Dyal Capital Partners is among the top IPO candidates for the London Stock Exchange this year, said one of the sources, adding that after considerable preparation last year, the issuer was on the verge of launching a listing in spring, reprising the process would not be too difficult.

The division, which has USD 41.2bn worth of assets under management and a ten-year track record, makes minority investments in companies and provides financing to hedge funds and private equity firms, according to the company's website.

Blue Owl Capital declined to comment.