Private credit topped total fundraising at US alternatives manager Blue Owl in the third quarter of 2025, with the firm’s credit arm now managing $152bn (£133.7bn) in assets under management (AUM).
According to Blue Owl’s latest quarterly report, the firm raised a total of $11.2bn in new equity capital from investors, led by $5.6bn in credit strategies, $3bn in real assets and $2.7bn in general partner strategic capital. That compares with $7.9bn raised during the same period in 2024.
Blue Owl’s credit platform grew 18 per cent year on year to $152.1bn, driven mainly by inflows into its direct lending products, the third-quarter report said. Direct lending originations reached $10.9bn during the quarter, with $2.9bn deployed net.
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The firm’s alternative credit strategies delivered returns of 3.9 per cent in the quarter and 15.9 per cent over the past 12 months, while direct lending posted a 13.2 per cent return over the same period.
Across the entire business, total AUM climbed 26 per cent year on year to $295.6bn, while fee-paying AUM rose 19 per cent to $183.8bn.
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Blue Owl reported net income of $6.3m for the quarter and fee-related earnings of $376.2m. Total new capital commitments of $14.4bn secured during the period.
The firm’s real assets platform has experienced the largest amount of growth according to the third quarter report, with its total AUM increasing by 69 per cent year on year at $74.7bn.
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