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Former KKR energy head Marc Lipschultz and former Blackstone credit executive Doug Ostrover have pulled together nearly $1B for their new firm Owl Rock Capital Partners.
The firm will use that money to provide direct loans to small and midsized companies, part of an increasing trend as direct lenders fill the void left by banks that were pushed out of the space due to higher capital requirements and tighter post-financial crisis regulations, Bloomberg reports.
Investors in the upstart firm include funds connected to George Soros, Michael Dell, Alibaba Group Holding co-founder Joseph Tsai and Brown University. [Bloomberg]
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