Dyal Capital Partners V Hits Record $12.9B Close, Reshaping Alternative Asset Manager Funding Landscape

Blue Owl Capital has successfully wrapped up the final closing of its Dyal Capital Partners V fund, securing $12.9 billion in committed capital. The fund officially closed on December 30, marking nearly a $4 billion increase compared to its predecessor, Dyal Capital Partners IV. This milestone reflects growing institutional appetite for alternative investment strategies even amid broader market headwinds.

Strategic Positioning in GP Capital Solutions

The achievement reinforces Blue Owl’s dominance in the GP Capital Solutions space. Across all of Blue Owl’s GP Capital Solutions funds and affiliated co-investment vehicles, total commitments now exceed $37 billion. The division itself manages $47.8 billion across minority partnerships in more than 55 alternative asset management firms, establishing the company as the primary provider of minority equity capital to established alternative managers.

Fund V’s Investment Thesis and Portfolio

Fund V operates on a straightforward principle: injecting passive, minority equity into GP balance sheets to enable leading firms to deploy greater capital alongside their limited partners. The fund targets approximately 20 private equity investments distributed across different asset classes, strategies and geographic regions.

To date, Fund V has already deployed capital to 17 firms, including marquee names such as CVC Capital Partners, H.I.G. Capital, I Squared Capital, KPS Capital Partners, Lead Edge Capital, MBK Partners and PAI Partners. These transactions represent roughly 70% of the fund’s total capital commitments, suggesting a aggressive deployment pace heading into the remainder of the fund’s life.

Global Capital Base and Geographic Diversification

Fund V drew backing from a geographically diverse institutional base spanning sovereign wealth funds, pension plans, endowments, foundations and family offices. The Americas accounted for over 60% of capital, while Asia represented more than 20%, underscoring the international appeal of Blue Owl’s alternative asset strategy.

Value Beyond Capital Provision

Beyond serving as a passive capital source, Blue Owl offers portfolio companies access to its 40-person Business Services Platform. This advisory infrastructure covers capital strategy, private wealth services, human capital consulting, operational advisory, corporate strategy and M&A, ESG programming, diversity initiatives and data science capabilities—extending the firm’s value proposition well beyond traditional minority equity roles.

Blue Owl’s Broader Market Position

Blue Owl operates as a global alternative asset manager with $132.1 billion in assets under management as of September 30, 2022. The firm structures its strategy around Direct Lending, GP Capital Solutions and Real Estate, serving both institutional and private wealth clients. With over 520 employees across 10 global offices and a leadership team averaging more than 30 years in alternative investment building, the platform combines scale with deep industry expertise.