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PitchBook Analyst Note: Dyal and Owl Rock’s SPAC-Backed Merger

Q4 2020

PitchBook Analyst Note: Dyal and Owl Rock’s SPAC-Backed Merger

December 9, 2020

PitchBook Analyst Note: Dyal and Owl Rock’s SPAC-Backed Merger
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Dyal Capital Partners and Owl Rock Capital Group are looking to merge and go public via a reverse merger with a SPAC in a deal that could shape the future of publicly listed PE firms. The deal itself, which promises to create a one-stop shop for financing needs for any GP and its portfolio companies, is interesting in its own right. The future ramifications are also mammoth. The combined company will likely achieve a much higher valuation in public markets, benefiting Neuberger Berman shareholders as well as Dyal and Owl Rock management. This deal could lead to more large PE firms going public down the line, which would directly benefit Dyal.