The Ledger
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Rees: Management fees generate immense profits, defying the lights-on myth
“Well, it's not something we like to shout from the rooftops, and I guess here I am shouting it from the rooftops, but these businesses can be extremely profitable. I think the old adage that the management fees keep the lights on, I think that's a good motto. …”
Clarke argues immense scale generates alpha in alternative asset management
“I used to think that you had to be small in the alternative space to generate alpha. But I've found that there's alpha in scale. There's relevancy in scale. When you're large, you command a tremendous amount of attention from people. You can't do that if you'r…”
Clarke reveals institutional fundraising requires a 15-to-1 conversation-to-ask ratio
“The conversation to ask ratio is about 15 to one. 15 conversations to one ask.”
Clarke predicts Australia's superannuation industry will become the world's second-largest
“The Australian superannuation industry is going to be the second largest in the world.”
Clarke notes massive asset managers rarely share economics compared to smaller firms
“It's very tough to do that, to give away those economics when you're half a trillion dollars, but when you're small and scrappy, You'll do it.”
A significant number of private asset managers will IPO by 2026
“And I also think we're going to see a good chunk go public. I truly believe that after EQT, if Bridgepoint does, Blue Owl, I think the landscape is truly changing. And I think that's going to be reflected in about five years.”
Clarke reveals Blue Owl serves approximately 900 institutional clients globally
“And the institutional, well, I think we got 900 of them.”
Clarke states Blue Owl manages roughly 5,000 bespoke global institutional situations
“We deal on the institutional side with about four or 5000 idiosyncratic situations globally.”
Clarke notes Blue Owl Capital now manages $260 billion in assets
“But now they're part of a two hundred and sixty billion dollar organization.”
Blue Owl covers 750 private equity sponsors to guarantee deal flow
“To be relevant to private equity sponsors, and we cover 750 of them, to regularly see that deal flow, to be very judicious about the loans you do, you have to be big.”
Clarke admits he under-resourced Blue Owl's early international expansion efforts
“The other thing that I made a mistake on was I probably didn't add resources as quickly as I should have. An organization should never become bloated, but I probably over-indexed that I had to play catch up for a little bit. Not perfect, but I think we got the…”
Clarke reveals 90 percent of Blue Owl's capital is permanent
“We're in an envious position that 90% of our capital is permanent.”
Blackstone, Blue Owl, KKR, and Apollo have hundreds serving wealth
“Blackstone has a team of hundreds of people. Blue Owl, hundreds of people, KKR, Apollo, hundreds of people to serve the Wealth Channel.”
Blue Owl Targets Direct Loans at Approximately 50% Loan-to-Value
“In general, what we're striving for is to find a business in a sector we like, and we're trying to make loans at around 50% loan to value. Because at 50% loan to value, I feel pretty good that things have to go really wrong for us to lose dollar one.”