Blue Owl Capital acquires Prima Capital Advisors for $170M

Blue Owl Capital announced the creation of Blue Owl’s Real Estate Finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of $170M. Prima manages approximately $10B in assets on behalf of institutional investors and select high net worth individuals. The acquisition is expected to close in the second or third quarter of 2024, subject to customary closing conditions. Prima, founded in 1992 by Gregory White, is a real estate lender focused primarily on investing in commercial mortgage-backed securities. Prima is majority owned by Stone Point Capital, an alternative investment firm based in Greenwich, Connecticut. Blue Owl’s acquisition of Prima will be funded through a combination of approximately $157M of equity and approximately $13M in cash, subject to certain closing consideration adjustments. In addition, there is potential for up to $35M of earnout consideration in the form of equity. Upon closing of the acquisition, Prima employees are expected to join Blue Owl.