Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital.

You can keep up to date by visiting Capitalallocators.com.

Over the last decade or two, no asset class has generated as much interest and investment dollar returns as

private equity. This eight-part miniseries, Private Equity Masters, is a set of conversations

with some of the longtime leaders in the space. We'll hear their stories, those of their firms,

and their perspectives on this all-important

area of the capital markets.

My guest on the sixth episode of Private Equity Masters is Doug Ostrover, the co-founder

and CEO of Blue Owl Capital, a public company born out of a merger between Alrock Capital and Dial Capital.

Doug is also the CEO and co-CIO of Alrock Capital, a direct lender to middle market companies

that he co-founded in 2016 and today manages $30 billion in permanent capital assets.

The combined Blue Owl manages approximately $53 billion in assets, over 90% of which is in permanent capital vehicles. Previously,

Doug was one of the founders and the O in GSO Capital Partners, which today is Blackstone's

alternative credit platform.

He's been involved in Leveraged Finance working with private equity sponsors for 30 years.

Our conversation covers Doug's beginnings in Leveraged Finance, the founding of GSO,

and keys to his early success.

We then turn to the importance of culture, sourcing investment

opportunities, the underwriting process, and working with both GPs and LPs. We close with Doug's

perspective on the recent formation of Blue Owl and what the future holds for direct lending.

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