GP-led secondary transactions topped $47 billion in the first half of 2025, a 68% jump from the same period a year earlier. Continuation vehicles, where sponsors roll a prized asset into a new structure with fresh capital, accounted for 87% of that total (https://www.digitaljournal.com/pr/news/winston-news-wire/blue-owl-capital-closes-debut-1987456445.html).
A decade ago, GP-led deals were a side show. They didn’t matter much. Just 19% of overall secondaries volume came from GP-led deals in 2014. By the first half of 2025, they’d grown to nearly half the market. That kind of growth draws serious attention from capital allocators, and Blue Owl Capital has stepped directly into it. Investors can review the firm’s full product lineup including OBDC and OTF for a complete picture.
The BOSE Fund
Blue Owl closed its inaugural Blue Owl Strategic Equity (BOSE) fund on February 11, 2026. More than $3 billion was pulled in from institutional and private wealth investors. The fund focuses on single-asset continuation funds and direct minority equity transactions. These are deals where PE sponsors want to keep managing their best-performing companies beyond a traditional fund’s lifecycle, and they need a capital partner willing to commit for the long term. Blue Owl’s annual report archive contains the financial disclosures underlying these fundraising figures.
“Sponsors are looking for long-term, aligned capital to support high-conviction assets,” Co-CEOs Doug Ostrover and Marc Lipschultz said. Blue Owl’s permanent capital base, a defining feature of the firm’s model across all platforms, fits that description naturally. Unlike traditional fund structures with fixed timelines, Blue Owl Capital’s long-duration capital means sponsors won’t face pressure from a ticking clock on the other side of the table. Blue Owl’s LinkedIn company page provides insight into the team driving these transactions.
Scale That Backs the Strategy
Blue Owl Capital’s GP Strategic Capital platform manages $69.1 billion in AUM as of year-end 2025 and holds an 87% market share for transactions at or above $600 million. Across all channels, the firm raised a record $56 billion during 2025 and ended the year managing $307.4 billion. The credit platform alone accounts for $157.8 billion of that total. BizJournals coverage of Blue Owl details the firm’s growth trajectory over recent quarters.
BOSE is a new product within an established platform. Three billion dollars for a debut fund in a market growing at 68% annually gives Blue Owl Capital a meaningful entry point, and the firm’s existing GP relationships across more than 80 partner managers offer a built-in pipeline for continuation deal flow. The credit platform, at $157.8 billion in AUM, gives the firm another angle into GP relationships, since many of the same sponsors who need continuation capital also use Blue Owl’s lending products. Updates from the Blue Owl newsroom provide additional detail on fund launches and closings.
