Blue Owl Capital is planning to expand into buying secondhand stakes in private asset funds, as demand for liquidity from fund investors continues to drive record activity in the secondaries market, according to a report by Bloomberg citing people familiar with the matter.
The alternative asset manager intends to acquire stakes in private equity and private credit portfolios sold by limited partners and is looking to hire an executive to build out a dedicated secondaries strategy. Blue Owl already invests in continuation vehicles through its strategic equity platform.
The move comes as secondaries transaction volumes reached a record $226bn in 2025, according to Evercore data, with LP-led portfolio sales rising 34% year on year to $120bn. Growth has reportedly been supported by the rise of evergreen vehicles catering to retail investors.
Blue Owl’s expansion into secondaries also leverages its visibility across private equity portfolios through its direct lending business. The new executive is expected to report to Chris Crampton, who joined the firm in 2023 to lead its continuation fund strategy.
