When its commitments are fully called and invested, and the BDCs are levered at 0.8 times their equity, Owl Rock Capital could have as much as $5.8 billion of fee-earning AUM. Unlike other types of funds, BDCs collect fees on gross assets, which includes amounts borrowed against the equity supplied by investors.
Owl Rock Capital Corp. AUM
The Owl Rock Capital Corp. BDC is the company’s first and largest fund. It had $1.89 billion of total assets, supported by equity capital of $1.08 billion, at June 30, 2017. In addition, the company has uncalled commitments of $2.1 billion.
- Total equity capital: $3.2 billion (including uncalled commitments)
- Total assets: $5.8 billion (assuming 0.8x leverage)
Owl Rock Capital Corp. II AUM
This is a new BDC established by the same manager. It had just $28.5 million of total assets, supported by equity capital of $18.2 million, as of June 30, 2017. Uncalled commitments were not disclosed.
- Total equity capital: $18.2 million
- Total assets: $28.5 million
It’s amazing just how much money is flowing into private BDCs.