Blue Owl Raises $2.9B in Ninth ABF Fund After BDC Setback

Blue Owl Capital Inc. has closed its ninth asset-based finance fund at $2.9 billion, exceeding its $2.5 billion target. Blue Owl Asset Special Opportunities Fund IX (ASOF IX), drew commitments across a strategy the firm positions as opportunistic, with the flexibility to deploy capital across varying market conditions.  

“These capabilities allow us to originate and scale complex transactions with consistency and discipline,” said Doug Ostrover and Marc Lipschultz, pointing to the firm’s sourcing network and underwriting platform as competitive advantages. 

The close outpaced comparable raises this year, including funds from Sound Point Capital Management and Davidson Kempner Capital Management, underscoring sustained demand for asset-based finance strategies. 

The fundraise comes after a turbulent episode within Blue Owl’s credit business. The firm abandoned plans to merge two of its business development companies following investor pushback, a move that led to the sale of $1.4 billion in direct lending investments to North American pension and insurance investors. 

Despite the disruption, Blue Owl continues to scale its platform. The firm manages $157.8 billion in credit assets and $307 billion overall as of year-end 2025, spanning credit, real assets and GP strategic capital strategies.