2026 Mid-Year In Focus

Foreword

As we publish our updated views on the environment, we do so with a mix of conviction and humility. Markets have a way of reminding us that certainty is rarely warranted, and our job is not to predict the future with precision but to position our strategies to be resilient across a wide range of future states. 

We are not macroeconomists or macro investors. But through the vantage point of our portfolios, spanning hundreds of companies, thousands of real estate assets, dozens of minority stakes, and tens of thousands of asset-based line items, we have a privileged view of how the economy is performing. What we have seen gives us reason for measured optimism—and our three distinct platforms have continued to attract capital across market environments. The strength of our business is not the product of any single market call but rather about a diverse series of resilient strategies and a resilient business model deliberately built to thrive in a wide range of environments. 

That diversification matters now more than ever. This is undeniably a moment of challenging questions for all investors—about the impact of geopolitical uncertainty on portfolios and the future of technology, among other considerations. We do not have all the answers, and we would be wary of anyone who claims to (as the adage goes, seek the company of those who search for the truth; run from those who have claim they found it). What we would say is this: the more closely our portfolios are examined, the better they hold up. We have decades of experience underwriting alternative investments through multiple cycles and a culture that prizes discipline over momentum. Those qualities—coupled with a relentless fight against any complacency—have served us well for many years, and we believe they are exactly what this environment calls for. Our focus remains unchanged: to be a partner of choice for the companies we finance while seeking to deliver strong, risk-adjusted returns to those who trust us with their capital, many of whom invest on behalf of public servants, retirees, and communities around the world. 

If there is one thing we hope you take from the pages that follow, it is a sense of how we think—how we look ahead, weigh risk against opportunity, and stay grounded in fundamentals. We remain confident about the future of Blue Owl and the role we can play for our clients as we navigate this moment together. 

Thank you for your continued trust. We hope these insights offer a useful framework for how we view our business and the markets ahead, and we look forward to the journey from here.

In Focus: Credit

Navigating uncertainty, affirming resilience

As we pass the midpoint of 2026, we briefly revisit the themes we outlined at the start of the year. While investor sentiment has shifted amid questions about credit quality and overall market volatility, the asset class itself has performed in line with our expectations. Maintaining a long-term perspective, return premiums have held and credit quality remains resilient, reinforcing the durability of the private credit value proposition.^1,2 

Looking ahead, we address the key dynamics shaping private credit today and offer our perspective on the path forward. Heightened attention to borrower fundamentals and perceived default expectations have influenced investor positioning. At the same time, fundamental performance data has remained constructive. In the sections that follow, we discuss the continued demand for private credit, the economic backdrop, and why we believe the outlook remains compelling.

LOOKING BACK

Where we are today

Over the past few years, as credit spreads have compressed it has been a dominant discussion topic in the market. As spreads widened into March, and then have since retracted to levels tighter than where we began the year, the volume of discussion around the direction of spreads has intensified. All things considered, the return premium to public markets has been durable and direct lending has maintained an average of ~200 basis point yield premium over public loans, a level that has been consistent over the past three years and still holds true today.³ We believe this premium reflects the certainty of execution, structural flexibility, and bespoke financing solutions that private lenders provide and are attributes that borrowers continue to value, underpinning the long-term return advantage of the asset class.⁴

Credit quality resistance

We believe direct lending portfolios entered 2026 from a position of strength, with credit quality remaining healthy and minimal signs of stress present. However, conditions evolved in Q4 2025 and into the first half of 2026, introducing new market dynamics. Investor attention has increasingly focused on the potential impact of AI on software and technology, represented by the sharp selloff in equities, and to a lesser degree public loan values. While early concerns about software business models surviving in an AI-driven world prompted initial caution, we’ve observed that the conversation has shifted toward a more balanced view, with the market increasingly recognizing the value of durable competitive moats. We believe managers with disciplined underwriting, deep sector expertise, and proactive portfolio management will be well-positioned to navigate this evolving landscape.

Overall, borrower defaults across the direct lending market remain low at roughly 2.0%, below the historical long-term average of 2.7%.⁵ The data continues to tell a constructive story. Even in a scenario where defaults increase, large and fully diversified portfolios are built to absorb borrower-level volatility. The scale and diversification of institutional private credit platforms can provide a meaningful cushion and allow managers to appropriately navigate periods of stress.

LOOKING AHEAD

Blue Owl's outlook on the credit market

Demand for private credit

Deal activity in direct lending has been muted during the first half of 2026, reflecting broader uncertainty in M&A markets and a more cautious sponsor environment. However, the long-term growth trajectory remains intact: direct lending currently accounts for roughly 25% of the overall leveraged credit market, a figure expected to reach 30% by the early 2030s.⁶ We believe this structural growth will resume as market conditions stabilize and transaction volumes normalize. When borrower demand returns to typical levels, scaled managers with available capital will be well-positioned to benefit from an attractive environment with potentially higher spreads. 

In the meantime, investor demand for diversification beyond traditional direct lending continues to grow. Asset-based finance has emerged as a potentially compelling complement, offering exposure to a $13.5 trillion-plus addressable market spanning consumer credit, small business lending, equipment leases, and specialty assets.⁷ With just over $500 billion in dedicated fund manager AUM, ABF remains significantly underserved, presenting an attractive opportunity for scaled managers with differentiated sourcing capabilities, dedicated capital, and long-standing industry relationships.⁸ We believe ABF can generate returns that complement direct lending allocations while providing diversification benefits across economic cycles. 

We also see emerging opportunity in secondary market transactions. As the direct lending market matures and loan portfolios season, sponsors and institutional holders may seek liquidity for a variety of reasons. For managers with dedicated capital and robust underwriting capabilities, secondaries can offer the potential to acquire seasoned assets at attractive entry points with established performance histories. We expect this segment to develop further as the asset class continues to grow.

Economic backdrop and return outlook

The path forward for interest rates and inflation remains uncertain. While the Federal Reserve has signaled a data-dependent approach, the timing and magnitude of future rate moves are difficult to predict, and inflationary pressures continue to evolve. Against this backdrop, we believe private credit strategies are well-positioned to navigate volatility. The floating-rate nature of most direct lending portfolios helps provide a potential hedge against rate movements, while covenant protections and direct borrower relationships enable proactive portfolio management in changing conditions. 

Importantly, the underlying credit quality of borrowers across directly originated loans remains robust, even as the rate environment creates refinancing considerations for certain borrowers. As direct lending has migrated upmarket, the borrower base increasingly consists of large, well-established companies backed by sophisticated sponsors. These businesses typically feature diversified revenue streams, proven management teams, and the operational resilience to weather both economic uncertainty and elevated financing costs. While deal flow activity during the first part of 2026 has been slower than anticipated, the long-term trajectory remains compelling, and we remain optimistic that sponsor reliance on private credit for the largest transactions will continue as conditions normalize.

Within asset-based finance, we are of the view that headlines around “the consumer” can create a misleading picture of the resiliency of the asset class. Critically, ABF structures do not rely on the creditworthiness of any single consumer or obligor—rather, they are backed by diversified pools of assets, often numbering in the thousands or tens of thousands of individual receivables. In addition to specialty finance, asset-based finance spans a diverse range of other collateral types. These structures also incorporate meaningful investor protections, including overcollateralization, reserve accounts, servicer oversight, and subordination, all of which provide downside cushion even in periods of elevated stress. This diversification and structural protection are key features of ABF, and we believe investor concerns focused narrowly on consumer health may overlook the breadth and resilience of the opportunity set.

Despite uncertainty around rates, inflation, and credit performance across direct lending, as well as certain consumer segments facing pressure from elevated financing costs and inflation, the broader economy continues to demonstrate resilience, with employment remaining stable and corporate fundamentals holding firm. This has been reinforced by the well-performing metrics of borrowers in our underlying direct lending strategies and the diversified collateral pools and robust structural protections within our ABF strategies that can help insulate portfolios from pockets of consumer stress. The structural demand for private credit solutions, expanding addressable markets across both direct lending and asset-based finance, and the quality of underlying borrowers and collateral, leads us to believe that conditions remain favorable for private credit broadly to deliver attractive risk-adjusted returns going forward. That said, not all managers will benefit equally from this opportunity.

Performance and the importance of manager selection

We expect manager performance dispersion to widen in the current environment. As the asset class matures and the competitive landscape evolves, the gap between top-quartile and median performers is likely to increase. Managers with rigorous credit selection, disciplined underwriting standards, and the ability to source proprietary deal flow will be better positioned to navigate periods of economic uncertainty and market volatility. 

Scaling successfully into adjacent credit markets—such as asset-based finance and secondary transactions—requires meaningful resources: substantial capital, large specialized teams, and deeply entrenched relationships. For this reason, we believe scaled lenders with multi-disciplinary capabilities will be best positioned to benefit from private credit’s continued expansion going forward. 

This dispersion is particularly relevant given the current economic backdrop. With uncertainty around interest rates, evolving refinancing dynamics, and pockets of potential stress emerging in certain sectors, the quality of a manager’s platform, will increasingly differentiate outcomes. For allocators, this underscores the importance of manager selection and due diligence as private credit continues to mature as an institutional asset class.

Conclusion

The first half of 2026 has brought heightened focus to private credit across several dimensions:

the uncertain economic backdrop, evolving deal flow dynamics, and shifting investor sentiment around specific sectors and economic indicators. These dynamics warrant continued attention, but they have not altered the asset class’s fundamental value proposition. 

Credit quality remains resilient, default rates in direct lending remain below historical averages, and well-structured platforms continue to demonstrate the ability to meet investor liquidity needs. In asset-based finance, underlying deal performance has remained steady. We believe the conditions remain in place for private credit to deliver attractive risk adjusted returns for investors with appropriate time horizons. 

Looking ahead, disciplined underwriting, proactive liquidity management, and transparent investor communication will remain critical for managers navigating this environment.

In Focus: Real Assets

The cost of capital has reset. Markets are adapting.

LOOKING BACK¹

What we said is now what we see

Our macro view at the beginning of the year is playing out as we speak. The shift from abundant liquidity toward higher capital costs and tighter financial conditions that we outlined at year-end has moved from thesis to observable reality. Markets are no longer debating whether the cost of capital has reset; they are pricing it in. 

What is worth underscoring is how quickly this recalibration has become the baseline. Rate uncertainty persists, including around further potential hikes, but companies have already adapted to a structurally higher cost of capital. This is no longer the disruption; it is the operating environment. Differentiation has emerged as a defining feature of the first half: assets supported by contractual income and essential economic use have generally outperformed those tethered to cyclical demand or market sentiment. 

We believe we are squarely in a mid-cycle environment, a phase that rarely offers clean inflection points but consistently has tended to reward investors who have built their platforms with intention. Structure and underwriting discipline matter more than sentiment. We believe the managers best positioned to pursue differentiated outcomes are those with the breadth of solutions, depth of relationships, and flexibility to meet counterparties where they are.

LOOKING AHEAD

Uncertainty: the catalyst for opportunity

Uncertainty is not necessarily an obstacle to deploying capital. It can be the condition that creates some of the most compelling opportunities for those equipped to act. As markets continue adjusting to a structurally higher cost of capital, the opportunity set is narrowing and deepening simultaneously. Capital is becoming more selective, and the advantages may be accruing to platforms that lean into secular demand drivers rather than timing cyclical inflections. 

The structural backdrop reinforces this view. More than $3 trillion in commercial real estate debt is set to mature by 2030², coinciding with a secular decline in bank lending that shows no signs of reversing. We see refinancing activity is increasing in an environment of lower leverage, tighter underwriting standards, and uneven access to capital. For managers with scale, flexibility across the capital stack, and certainty of execution, we believe these are the conditions under which differentiated platforms may generate attractive risk-adjusted returns. Capturing these opportunities requires more than capital. It demands a full spectrum of solutions, deep sector expertise, established relationships, and the creativity to structure bespoke outcomes. Discipline is table stakes. What we believe separates leading managers is the ability to be flexible and adaptive, meeting borrowers and tenants where they are, not where a rigid strategy needs them to be.

Net lease real estate

We believe net lease remains one of the most compelling expressions of this environment. When the cost of capital rises and volatility persists, long-duration contractual income supported by creditworthy³ counterparties may become more valuable, not less. Sale-leaseback transactions continue to serve as a critical capital solution for corporates seeking balance sheet flexibility without sacrificing operational control, and we expect to see this demand continuing. 

Selectivity within net lease has never mattered more. We believe the most attractive opportunities are concentrated in assets where demand is structurally supported, replacement costs are high, and the real estate is operationally integral to the tenant’s business. This can create natural downside mitigation potential earned through underwriting, not assumed through market conditions.⁴

Several sectors exemplify this thesis. We believe that cold storage assets benefit from long-term trends in food distribution, supply chain modernization, and population growth, with specialized build requirements that may naturally limit new supply. Healthcare facilities are anchored by demographic demand and the essential nature of the services they support, with purpose-built real estate that is operationally critical. Data centers, increasingly aligned with the net lease thesis, can exhibit these same characteristics when structured around investment-grade³ counterparties and long-duration contracts. In each case, we seek to structure partnerships where our expertise, scale, and speed may create value that a generalist capital provider cannot replicate.

Real estate credit

If net lease represents the income anchor of our platform, real estate credit represents what we believe is a structural opportunity created by market dislocation. The numbers tell a clear story: commercial property values have repriced approximately 16% from early 2022 peaks, allowing new lending at materially more conservative attachment points.⁵ We are generally seeing lower loan-to-value ratios and larger equity cushions than during the prior cycle, reflecting tighter underwriting standards and a more selective lending environment.⁶ 

The economics have shifted accordingly. Compared to early 2022, commercial real estate lending today generally offers meaningfully improved spreads and income potential, reflecting a notable repricing of risk across the market.⁷ This represents a meaningful shift in the risk-return proposition for private real estate lending. As banks continue to withdraw and the wall of maturities forces refinancing activity, borrowers are increasingly seeking private lenders who can offer senior, asset-backed financing with speed, certainty, and structural creativity. We believe the negotiating leverage has shifted toward well-capitalized, flexible lenders, and the ability to align lending with property types exhibiting durable demand is what may help transform that leverage into differentiated returns.

Digital infrastructure

Digital infrastructure is where secular conviction meets real-world scarcity, and where the distinction between disciplined investors and speculative capital may become most consequential. Cloud computing and digital services form the backbone of the modern economy, and artificial intelligence has added an accelerating layer of demand for compute capacity, power, and specialized facilities. Global data center expenditures are expected to reach $7 trillion by 2030,⁸ and hyperscalers including Google, Microsoft, and Amazon report contracted spend backlogs in the hundreds of billions.⁹

The physical reality of building this infrastructure is what we believe creates an investment opportunity. Power availability, multi-year permitting timelines, and development complexity are constraining where and how quickly new capacity can be delivered. Supply is structurally limited in ways that financial capital alone cannot solve. This is why equity market volatility should be separated from the fundamentals of the physical layer. Historically, transformational infrastructure cycles have included periods of speculation without undermining the long-term investment case. We believe the current cycle follows a similar pattern: demand is driven by investment-grade counterparties under long-term take-or-pay agreements that anchor visibility and may help mitigate termination risk.

As the market matures, discipline around site selection, power access, customer quality, and execution capability is separating the investable from the speculative. We believe digital infrastructure is evolving toward a profile that resembles core infrastructure more than traditional growth-oriented real estate. Capturing differentiated opportunities here requires specialized knowledge, operational relationships, and development expertise that cannot be acquired overnight. This is a pillar we built with intention, and we believe the environment is validating that conviction. 

As with any emerging technology cycle, the AI landscape will continue to evolve as innovation accelerates and customer demand develops. Adoption is unlikely to be linear, technology will continue to improve, and customer spending priorities may shift over time. Our conviction does not depend on any single demand forecast. Instead, it is grounded in investing in scarce physical infrastructure supported by long-term customer commitments, investment-grade counterparties, disciplined site selection, and access to power. We believe these enduring fundamentals provide a strong foundation for long-term value creation.

Conclusion

Three Real Assets pillars, built for this moment¹⁰

We believe disciplined underwriting remains essential in today’s market environment. However, we do not believe discipline alone determines outcomes. We believe platform architecture, flexibility, and access to opportunity also matter when navigating changing market conditions. 

Our Real Assets platform is built around three complementary pillars: net lease, real estate credit, and digital infrastructure. Together, these strategies seek to provide exposure to a range of capital solutions across income, growth, and capital preservation objectives. 

This architecture was intentionally designed to support a flexible approach to capital deployment across investment opportunities and market environments. We believe the combination of these three pillars allows us to draw on insights from across the platform and pursue opportunities where we see compelling risk-adjusted return potential. 

In a market where differentiated returns may be harder to source, we believe an integrated approach across net lease, credit, and digital infrastructure can support customized solutions and investment flexibility. This is the thesis we believe the current environment validates: that attractive risk-adjusted returns in real assets may accrue to platforms that combine secular conviction, structural flexibility, conservative underwriting, and the ability to deploy capital across a range of opportunity sets. We believe our Real Assets platform was built with these objectives in mind.

In Focus: GP Strategic Capital

Owning the earnings power of private markets

LOOKING BACK¹

A maturing asset class, with structural forces intact

The first half of the year has largely reinforced the structural themes we outlined at year-end. While market narratives have shifted, the underlying mechanics of private markets, and the role of GP stakes within them, continue to evolve in constructive ways.

Private markets remain structurally driven, not cyclical

We believe private markets continue to represent the core of global business ownership, with growth driven by long-term shifts in how companies are financed, scaled, and governed. The current shifts in private markets—across fundraising, exits, and fund structures, are broadly characterized as structural rather than cyclical.² 

While private markets have continued to grow and attract capital, investor sentiment has been somewhat tempered by challenges in venture and growth strategies, where slower exit activity has constrained liquidity and delayed realizations. However, these headwinds have not been representative of the broader private markets landscape, as buyout, credit, secondaries, and infrastructure have generally remained more resilient.³ A prospective recovery in IPO activity could also help improve liquidity conditions and support a more constructive outlook for venture and growth markets.

Scale and specialization continue to consolidate advantage

Two reinforcing dynamics continue to shape the market:

Scale enables access to global capital and multi-channel distribution. We believe specialization drives insight, performance persistence, and capital formation. Together, they appear to be reinforcing a widening gap between leading firms and the broader market.

Liquidity is evolving, not disappearing

The current environment has been characterized by subdued traditional exit activity,⁵ but the industry has arguably responded with an expanding set of liquidity solutions. Secondary transactions, continuation vehicles, and structured solutions are playing a larger role in shaping distribution outcomes.⁶ 

As a result, the traditional five-year hold, five-year harvest model is perceived to be giving way to a more flexible, actively managed approach to cash flow generation.

What this means for GP stakes

These dynamics are directly aligned with the GP stakes model:

As the private markets ecosystem matures, we believe value is increasingly embedded in the firms themselves, not just the assets they manage.

LOOKING AHEAD

A broader opportunity set with accelerating cash flow potential

Looking forward, we see the next phase of the GP stakes opportunity defined by three key transitions: cash flow normalization, continued industry consolidation, and expanding demand for strategic capital.

While exit activity has been slower in recent periods, the underlying earnings power of private markets firms continues to grow.

Delayed realizations are not necessarily lost, they may accumulate. As underlying portfolios grow, unrealized value can continue to build. When monetization activity resumes, distributions may occur in larger, more concentrated waves. 

At the same time, GP stakes strategies are designed to generate multiple sources of cash flow:

• Management fee revenues from scaled platforms
• Carried interest from underlying investments
• Balance sheet participation alongside GP commitments 

This diversified cash flow profile seeks to generate yield across market environments while offering potential upside from long-term equity value creation.

Industry consolidation is accelerating as capital raises normalize and competition increases across managers. 

Larger, brand-name firms, particularly those with global reach and diversified product sets, are increasingly capturing incremental capital from insurance, sovereign wealth, and in particular, wealth channels.⁷ 

We believe this trend is structural. As private markets become more complex and global in nature, the advantages of scale, infrastructure, and brand will continue to widen.

We believe the need for capital at the GP level continues to increase, driven by:

• Larger GP commitments required alongside LPs
• Expansion into adjacent strategies and new products 
• Succession planning and ownership transitions
• Investments in distribution, technology, and talent 

Leading managers are seeking minority partners to accelerate growth and expand their platforms. 

This can create a large and replenishing opportunity set, with both new partnerships and repeat investments in existing relationships.

Conclusion

Investing in the firms driving private markets growth

At midyear, the message is consistent: the private markets ecosystem is evolving, but we believe its foundational drivers remain in place.

• Capital is increasingly global, multi-channel, and selective⁸
• Scale and specialization are concentrating market share among leading firms
• Liquidity is arguably evolving into more flexible, multi-path outcomes
• Value creation is increasingly embedded at the firm level, not just the asset level 

Within this context, we believe that GP stakes can provide a differentiated way to access the growth of private markets:

• Ownership of leading franchises with durable earnings
• Exposure to recurring cash flows and long-duration value creation
• Alignment with firms that are gaining share in a consolidating industry 

As the industry continues to mature, we believe the opportunity in GP stakes is becoming clearer, not more complex. 

It is not simply an alternative way to invest in private markets. It is a way to own the businesses that define and compound value across the private markets ecosystem.

Endnotes

Private Credit

1. Past performance is not a guarantee of future results. All investments involve risk of loss, including loss of principal invested. There can be no assurance that historical trends will continue. The views expressed are Blue Owl views as of the date hereof and are subject to change. 
2. Blue Owl Capital, “In Focus: Private Credit,” January 2026. Themes and market outlook discussed herein build upon perspectives outlined in the prior publication. 
3. Source: Cliffwater Direct Lending Index vs. Morningstar LSTA US Leveraged Loan Index. Direct lending has maintained an average yield premium of approximately 200-250 basis points over public loans over the trailing three-year period. Data as of most recent quarter-end available. 
4. Source: Pitchbook, LCD Data. Over the last twelve months, approximately 85% of leveraged buyout financings were executed in the private credit market, underscoring the certainty of execution and structural flexibility valued by sponsors. 
5. Source: Proskauer Private Credit Default Index; Moody’s Investors Service historical default rate data. Direct lending default rates remain approximately 1.00% as of mid-2026, compared to the long-term historical average of approximately 2.7%. 
6. Source: Blue Owl analysis; industry estimates. Private credit currently accounts for approximately 25% of the overall leveraged credit market. Market share is expected to reach approximately 30% by the early 2030s based on current growth trajectories. 
7. Source: Blue Owl estimates. The total addressable market for Asset-Based Finance is estimated at $13.5 trillion-plus, comprising opportunities across consumer credit, small business lending, equipment leases, and specialty assets. 
8. Source: Blue Owl estimates. Dedicated fund manager AUM in Asset-Based Finance is estimated at just over $500 billion, relative to the $13.5 trillion-plus addressable market, indicating the space remains significantly underserved.

Real Assets

1. Information contained herein relating to industry and market trends has been determined by Blue Owl based on internal Blue Owl research and data. Although Blue Owl believes that such determinations are reasonable, they are inherently subjective in nature. Other market participants may make different determinations relating to sector characterization and size based on the same underlying data. 
2. Source: Trepp – CRE Debt Universe: Q1 2026 Quarterly Data Review, May 2026. 
3. A security rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Investment grade companies must have “BBB-” rating or higher by S&P or an equivalent rating from a nationally recognized statistical rating organization (NRSRO). Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease agreement. 
4. There can be no assurance that future investments will achieve attractive results and investors may lose investment capital. 
5. There can be no assurance that historical trends will continue. Source: Green Street Commercial Property Price Index®, June 2026. 
6. There can be no assurance that historical trends will continue. Source: Trepp – CRE Mortgage Maturities & Debt Outstanding – June 2026. 
7. There can be no assurance that historical trends will continue. Estimated illustrative economics for commercial real estate mortgages reflect current market conditions as of June 2026. Figures are based on prevailing 1-month Term SOFR (approximately 3.61% as of June 2026), a 1.00% origination fee amortized over a 3-year term, and a 4.00% credit spread. The early 2022 comparison reflects a 0.75% origination fee amortized over a 3-year term and a 3.00% credit spread applied to prevailing SOFR at that time. Actual returns will vary based on loan terms, property type, borrower profile, and market conditions. Source: Trepp – CRE Mortgage Maturities & Debt Outstanding. 
8. Source: RBC Datacenter Download, June 2025. 
9. Source: Alphabet, Microsoft, and Amazon public filings as of Q1 2026. 10. Descriptions herein of the competitive edge of Blue Owl are subject to a number of key assumptions regarding market conditions and the ability to attain investment objectives. There can be no guarantee that Blue Owl’s investment strategies will be successful or that any of the advantages identified above will be realized to the benefit of the investors.

GP Strategic Capital

1. Information contained herein relating to industry and market trends has been determined by Blue Owl based on internal Blue Owl research and data. Although Blue Owl believes that such determinations are reasonable, they are inherently subjective in nature. Other market participants may make different determinations relating to sector characterization and size based on the same underlying data. 
2. Alter Domus. (2026). Private markets outlook 2026. McKinsey & Company. (2026). Global private markets report 2026. 
3. More resilient based on fundraising and distribution characteristics. Data sourced from PitchBook as of September 30, 2025 (last updated March 31, 2026). 
4. Oliver Wyman, “The Race for Scale in Private Markets,” 2026.
5. Allianz Research. (2026, February 20). Private equity in transition: From distribution drought to selective recovery. Allianz. 
6. Jefferies. (2026, February 10). 2025 global secondary market review: Another record-breaking year. 
7. Oliver Wyman, “The Race for Scale in Private Markets,” 2026.
8.  Private Equity International. (2025, November 3). How private equity could reshape Latin America. Darwyne, A. (2025, October 22). Insurers to increase private markets allocations: BlackRock Survey. Fund Selector Asia. Bhatia, M. (2025, July 7). Global trends in private markets: Spotlight on the Middle East 2025. A&O Shearman. Siccion, T., & Bharucha, N. H. (2025, March 7). APAC focused private credit fundraising ticks up in 2024. S&P Global Market Intelligence. With Intelligence. (2025, September 1). Private Credit: European credit fundraising skyrockets in H1.

Important information

Unless otherwise noted the Report Date referenced herein is as of March 31, 2026. 

Past performance is not a guarantee of future results. 

The material presented is proprietary information regarding Blue Owl Capital Inc. (“Blue Owl”), its affiliates and investment program, funds sponsored by Blue Owl, including the Blue Owl Credit, Real Assets, and GP Strategic Capital Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl Funds. 

The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue” and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates’ respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the “Blue Owl Entities”) is under any obligation to update or keep current the information contained in this document. 

This material contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this material and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this material or its contents, or otherwise arising in connection therewith.

All investments are subject to risk, including the loss of the principal amount invested. 

These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested.

This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum) can make such an offer. 

Copyright© Blue Owl Capital Inc. 2026. All rights reserved. 

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