Alternative asset manager Blue Owl Capital has completed its previously announced $170m acquisition of Prima Capital Advisors from funds managed by Stone Point Capital.
The deal was announced in April 2024.
Through the acquisition, Blue Owl Capital will expand its operations into real estate finance. Prima Capital Advisors forms the base of Blue Owl Capital’s real estate finance strategy.
Established in 1992 by Gregory White, Prima Capital Advisors is a real estate lender that focuses mainly in investing in commercial mortgage-backed securities (CMBS).
The real estate lender has around $10bn of assets under management on behalf of institutional investors and select high net worth individuals.
Prima Capital Advisors also invests in investment grade CMBS and real estate investment trusts (REITs) bonds.
The firm invests throughout the US and across various commercial real estate debt asset classes, including the office, retail, multifamily, and industrial sectors.
Based in the US, Blue Owl Capital invests across three multi-strategy platforms, namely credit, general partner (GP) strategic capital, and real estate. The firm managed more than $174bn in assets under management as of 31 March 2024.
Blue Owl Capital offers private capital solutions to businesses to support them in driving long-term growth.
It also provides institutional and individual investors with differentiated alternative investment opportunities that deliver strong performance, risk-adjusted returns, and capital preservation.
Jesse Hom, who was previously GIC real estate credit global head, will lead the newly created Blue Owl Capital’s real estate finance strategy. He will also serve as chief investment officer for the real estate platform.
Besides, Hom will work towards growing the existing triple net lease business and discover strategic opportunities to build out and scale Blue Owl Capital’s real estate platform.
