Blue Owl In Focus
Blue Owl's twice-yearly market commentary on direct lending, real assets and GP stakes, with white papers on topics like continuation vehicles. A useful view from the largest direct lenders.
Free to read
Blue Owl's In Focus commentary comes out at the start of each year, with a mid-year update from co-CEOs Doug Ostrover and Marc Lipschultz, and is split into its three platforms: credit, real assets and GP strategic capital. The credit section covers direct lending spreads over public loans (about 250 basis points over the prior three years, per the February 2026 edition), default rates against the long-term average, and growth in asset-based finance. The real assets section covers net lease, real estate credit and data centers. The GP section covers the business of private equity firms themselves, which Blue Owl invests in through minority stakes.
That last angle is rare. Few publishers explain the economics of the managers themselves, including fundraising channels, consolidation and fee streams. The firm's white paper on continuation vehicles, by Chris Crampton, explains how sponsors hold their best assets longer while giving LPs an exit, and argues that the tool will outlast today's weak exit market.
This is advocacy from a firm that sells these strategies, so read it alongside more skeptical work such as the IMF chapter on private credit risks.
Start with
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1
2026 Mid-Year In Focus
The latest edition, with PDFs for each of the credit, real assets and GP stakes sections.
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2
In Focus: Our lens on the private markets
The start-of-2026 edition, with the direct lending premium and default data.
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3
Rethinking exits in private equity: Why continuation vehicles are redefining the playbook
A clear Q&A on continuation vehicles and why IPOs are fading as a buyout exit route.