The $138.2 billion alternative asset manager Blue Owl Capital has hired former Goldman Sachs private markets investor Chris Crampton as managing director to lead the firm’s new Strategic Equity Strategy.

The new business will focus on single-asset GP-led secondary transactions, or continuation fund investments – a private equity secondary transaction that allows managers to extend the length of time they own their best assets.

“Continuation funds are a nascent but rapidly growing asset class with significant opportunity and potential for Blue Owl’s investors and private equity partners,” said Crampton.

The effort will benefit from New York-based Blue Owl’s direct lending and GP capital solutions divisions, with fundraising targeting both institutional investors and private wealth channels.

Crampton previously served as a Partner and Head of Services and Industrials private equity investing within the Merchant Banking and Asset Management Divisions of Goldman Sachs, investing in traditional buyout, infrastructure, growth and technology, hybrid equity, and distressed and private credit funds.

“Creating a complementary equity and secondaries strategy for our clients is a natural extension of Blue Owl’s existing business given our sizable origination funnel and deep relationships with leading financial sponsors,” added Doug Ostrover, CEO and Co-Founder of Blue Owl Capital.