TIVP009: Blue Owl Capital (OWL): The Next Blackstone? w/ Shawn O’Malley

以下是将原文翻译为中文： 《内在价值播客》深入探讨了蓝猫资本（Blue Owl Capital），这是一家另类资产管理公司，于2020年通过SPAC上市，此后经历了显著的增长。该公司专注于私募信贷贷款、私募股权公司股权（GP资本解决方案）以及三净租赁房地产，管理的资产规模达2350亿美元，高于2021年的450亿美元。其自由现金流增长同样令人印象深刻，自2021年以来平均年增长率为48%。 该播客解释了金融世界的转变，强调了银行对风险较高贷款的兴趣降低，从而创造了像蓝猫资本这样的公司正在填补的空白。另类投资曾经是普通投资者难以企及的领域，现在已成为一个蓬勃发展的行业，提供比传统资产管理更高的费用。蓝猫资本的成功在于其专业化、排他性和资产的“粘性”，投资者不太可能撤回资金。 播客探讨了蓝猫资本的起源，它是由Owl Rock Capital Group和Dial Capital Partners合并而成。Owl Rock专注于向中端和中高端市场企业提供直接贷款，而Dial则专注于GP资本解决方案，为私募股权公司提供融资。这种结合创造了一家既能为公司提供债务融资，又能为投资这些公司的基金提供融资的公司。2021年，蓝猫资本收购了Oak Street，从而扩展到三净租赁房地产领域。 播客讨论了每个业务部门背后的创始人和管理团队。Michael Reese和Sean Ward曾就职于雷曼兄弟，他们创立了Dial Capital，收购了成功对冲基金和私募股权公司的少数股权。Mark Zarr拥有房地产和金融背景，领导着Oak Street。Douglas Ostrover曾在黑石集团工作，他创立了Owl Rock以提供直接贷款解决方案，填补了企业贷款市场的空白。播客强调了管理层素质的重要性，考虑到金融服务公司的复杂性以及独立审查其资产的难度。 目前，蓝猫资本管理着近1300亿美元的直接贷款、620亿美元的GP战略资本和440亿美元的房地产。很大一部分，即91%的收费资产被认为是永久资本。播客解释了资本永久性的范围，区分了ETF（最不具永久性）、私募股权基金（长期但并非完全永久性）和封闭式共同基金（真正永久性）。 蓝猫资本的管理费收入大幅增长，这得益于新基金、收购和资本配置。最近的收购，例如Kewar Asset Management和Hayalla Capital，扩大了其AUM（管理资产规模）并使其产品多样化。播客提出了对增长速度以及收购是否估值过高的担忧，这可能会稀释股东价值。讨论涉及分配资本时可能存在的利益冲突以及私人投资狂潮的总体可持续性。 播客讨论了私人信贷的兴起，长期负债（例如养老基金）的公司将资金投资于缺乏流动性的私人贷款。由于融资模式更加灵活，这些公司有时可以胜过银行，但可能依赖于杠杆，从而重新引入银行挤兑的风险。播客批评了通过估值方法消除私人投资波动性的趋势，并认为流动性溢价已经缩水，这引起了人们对未来回报和更高费用的担忧。 在谈到蓝猫资本的财务状况时，播客的重点是可分配收益和股息，管理层去年的目标是每股派息0.72美元。但是，播客还讨论了该公司复杂的股份类别结构及其对股东投票权和股份稀释的影响。

The Intrinsic Value Podcast dives deep into Blue Owl Capital, an alternative asset manager that went public via SPAC in 2020 and has since experienced remarkable growth. The company focuses on private credit lending, stakes in private equity firms (GP capital solutions), and triple net lease real estate, managing $235 billion in assets, up from $45 billion in 2021. Its free cash flow growth has been equally impressive, averaging 48% annually since 2021. The podcast explains the shift in the financial world, highlighting how banks have become less interested in riskier loans, creating a void that companies like Blue Owl are filling. Alternative investing, once inaccessible to the average investor, is now a booming sector, offering higher fees than traditional asset management. Blue Owl's success lies in its specialization, exclusivity, and the "stickiness" of its assets, where investors are less likely to pull out their money. The podcast explores the origins of Blue Owl, born from the merger of Owl Rock Capital Group and Dial Capital Partners. Owl Rock specializes in direct lending to middle and upper-middle market businesses, while Dial focuses on GP capital solutions, providing financing to private equity firms. This combination created a firm offering both debt financing to companies and financing for the funds that invest in those companies. In 2021, Blue Owl acquired Oak Street, expanding into triple net lease real estate. The podcast discusses the founders and management teams behind each business unit. Michael Reese and Sean Ward, formerly of Lehman Brothers, founded Dial Capital, acquiring minority stakes in successful hedge funds and private equity firms. Mark Zarr, with a background in real estate and finance, leads Oak Street. Douglas Ostrover, previously at Blackstone, founded Owl Rock to provide direct lending solutions, filling a niche in the corporate lending market. The podcast emphasizes the importance of management quality, considering the complexity of financial services firms and the difficulty in independently vetting their assets. Currently, Blue Owl manages nearly $130 billion in direct lending, $62 billion in GP strategic capital, and $44 billion in real estate. A significant portion, 91%, of fee-earning assets is considered permanent capital. The podcast explains the spectrum of capital permanency, differentiating between ETFs (least permanent), private equity funds (longer-term but not fully permanent), and closed-end mutual funds (truly permanent). Blue Owl's management fee revenue has grown significantly, driven by new funds, acquisitions, and capital deployment. Recent acquisitions, such as Kewar Asset Management and Hayalla Capital, have expanded its AUM and diversified its offerings. The podcast raises concerns about the pace of growth and whether acquisitions are overvalued, potentially diluting shareholder value. The discussion touches on potential conflicts of interest in allocating capital and the overall sustainability of the private investment bonanza. The podcast addresses the rise of private credit, where firms with long-term liabilities, like pension funds, invest in illiquid private loans. These firms can sometimes outcompete banks due to more flexible funding models but may rely on leverage, reintroducing the risk of bank runs. The podcast criticizes the trend of removing volatility from private investments through valuation methods and suggests that the illiquidity premium has shrunk, raising concerns about future returns and higher fees. Turning to Blue Owl's financials, the podcast focuses on distributable earnings and dividends, with management targeting $0.72 per share in dividend payments last year. However, the podcast also addresses the company's complex share class structure and its implications for shareholder voting power and dilution.