Owl Rock Capital Group Announces Strategic Minority Investment by Dyal Capital

Owl Rock Capital Group ("Owl Rock"), a leading alternative asset management firm, announced today that it has sold a passive, non-voting minority stake to Dyal Capital Partners ("Dyal"), a division of Neuberger Berman. Terms of the investment were not disclosed.

Dyal's investment provides Owl Rock with additional permanent capital to continue providing highly customized direct lending solutions to U.S. middle market companies. Owl Rock plans to use all proceeds from the transaction to invest in Owl Rock products, which are expected to include complementary product launches and strategies in 2020.

There will be no changes in the management, strategy, investment process, or day-to-day operations of Owl Rock or any Owl Rock managed product, including Owl Rock Capital Corporation ORCC, a publicly-traded business development company (BDC) that is externally managed by an affiliate of Owl Rock.

"This is an exciting development in the evolution of Owl Rock," said Doug Ostrover, Marc Lipschultz and Craig Packer, Owl Rock's co-founders. "Dyal has an outstanding track record of investing in established asset managers like Owl Rock and will be a terrific strategic partner as we execute on our long-term initiatives. We look forward to putting this capital to work to continue growing our platform and delivering attractive risk-adjusted returns to investors."

"We are very excited to be partnering with Owl Rock," said Michael Rees, Head of Dyal Capital. "Owl Rock has become a leading private credit firm with an outstanding reputation for origination and underwriting and the second-largest BDC platform in the world with approximately $14.6 billion in assets under management across its vehicles."

Kirkland & Ellis served as legal counsel to Owl Rock. Fried Frank served as legal counsel to Dyal.

About Owl Rock

Owl Rock Capital Group, together with its subsidiaries ("Owl Rock"), is a leading alternative asset manager offering direct lending solutions and other forms of capital primarily to U.S. middle market companies across a variety of industries. With approximately $14.6 billion in assets under management, Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from the world's leading investment firms and financial institutions. Owl Rock's relationship-oriented approach to investing provides companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process. For more information, please visit us at www.owlrock.com.

About Dyal Capital Partners

Dyal Capital Partners, a division of Neuberger Berman, seeks to acquire minority equity interests in institutional alternative asset management businesses worldwide. Dyal Capital Partners was established in 2011 and currently has 41 minority partnerships. For more information, please visit www.dyalcapital.com.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman's team is more than 2,100 professionals. For five consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $339 billion in client assets as of September 30, 2019. For more information, please visit our website at www.nb.com.

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