Michael Rees is the Founder and Head of Dyal Capital Partners
and Co-President of public company Blue Owl (OWL) after Dyal’s
merger with Owl Rock last year. Dyal is the market leader in buying
General Partner stakes from established private equity and
alternative asset managers and oversees $45 billion in its
Our conversation covers Michael’s background, the early years of
minority stakes, motivations of sellers, changing perceptions of
the business, and return profile of investments. We then turn to
Dyal’s process across relationship-driven sourcing, best practices
in fundraising and operations, conducting deals, and behavior of
GPs after a sale. We close by touching on common critiques of
Dyal’s strategy and the outlook from here.
Hopefully this is an example of this new process working
effectively! Let us know if anything else is needed.
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