As Blue Owl’s Strains Worsened, Its Bankers Pitched a Long Shot

Blue Owl Capital, more than almost any other firm on Wall Street, needed a win.

In just a matter of weeks, as private credit increasingly came under strain, it had become a lightning rod for investor scrutiny. Its shares had plunged nearly 50%. Clients were seeking to pull unprecedented sums from its funds. Activists and short sellers were starting to pile on.