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bumpp
Not BlueOwl but Private Credit:
Ultimately an inherent issue of these semi-liquid products with illiquid underlying investments. Investors read about develuation of software companies and started a bank run. They sold their portfolio at 99.7% NAV, meaning only -0.3% discount. Hence there was apparently nothing wrong with the portfolio itself, just a liquidity crisis caused by market headlines.
Well, of course they are going to sell the more sellable part of the portfolio first so they can launder legitimacy to their portfolio NAV. Also, I believe I saw an article in the FT or Bloomberg that the sale was to their insurance affiliate, Kuvare, so it's not like there was a true impartial third party underwriting the real value of even this chunk of the fund.
Sale included 3 other unaffiliated asset managers as well to affirm price
Will also add that Kuvare is not their insurance affiliate.
Blue owl bought Kuvare’s captive asset management business to kickstart their own insurance asset management platform. Kuvare needed liquidity so they sold the AM business and an IMA to BO. The underlying insurance companies that actually own the assets were not sold to BO.
Bloomberg corrected the story too btw
Is it still the golden age of private credit ?
Their portfolio of what they sold was the good stuff that could be sold. The rest is arguably unsellable - their book is public, just cross compare marks to other BDCs who are more honest like Ares or Apollo
Wild comment again kid. Keep em coming
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