Blue Owl Capital has announced the final close of its Asset Special Opportunities Fund IX, raising approximately $2.9 billion in total capital commitments and exceeding its initial $2.5 billion target.
The fund, known as ASOF IX, is a diversified, asset-backed opportunistic credit strategy with a flexible mandate designed to deploy capital across changing market conditions. The strategy reflects the firm’s continued focus on asset-based finance within private credit, aiming to provide downside protection while capturing upside opportunities through structured investments.
ASOF IX will be managed by Blue Owl’s Alternative Credit team and supported by an experienced group of investment professionals with a track record across multiple market cycles. The firm emphasized its focus on disciplined capital deployment, sourcing complex transactions, and delivering risk-adjusted returns.
The strategy is positioned as a complement to traditional corporate direct lending, offering diversification and targeting consistent performance through varying economic environments. The fund will invest across a mix of debt, equity, and hybrid instruments, particularly in situations driven by market dislocations and demand for flexible capital.
Blue Owl noted that strong investor demand reflects both the expanding role of asset-based finance and broader structural shifts within private credit markets.
KEY QUOTES:
“We believe Blue Owl’s advantage in asset-based finance is built on the depth and tenure of the team, our highly differentiated sourcing network, and our proprietary, data-driven underwriting. These capabilities allow us to originate and scale complex transactions with consistency and discipline. As the market continues to expand, we believe our platform is uniquely positioned to lead in delivering high-quality, asset-backed solutions and differentiated outcomes for our investors.”
Doug Ostrover, Co-CEO, Blue Owl Capital; Marc Lipschultz, Co-CEO, Blue Owl Capital
“The strong investor support behind ASOF IX reflects both the growing role of asset-based finance and the structural shift underway across private credit. We are seeing an increasingly attractive opportunity set, driven by market dislocation, complexity, and the demand for flexible capital. With scale, sourcing, and underwriting at the core of the strategy, we remain focused on disciplined deployment, generating durable income, and delivering consistent performance across cycles.”
Craig Packer, Co-President And Head Of Credit, Blue Owl Capital
“Asset-based finance represents an important area of private credit, offering a diversifier to corporate direct lending that provides downside protection and opportunity for upside convexity. We believe that ASOF IX will support our continued focus on capturing attractive risk adjusted returns across market environments, while maintaining a disciplined approach to underwriting and risk management.”
Ivan Zinn, Head Of Alternative Credit, Blue Owl Capital
