Blue Owl Capital Inc. · NYSE:OWL
Blue Owl Capital — Altimar Acquisition — SPAC Merger (May 2021)
11 slides from Blue Owl Capital's SPAC merger presentation, May 3, 2021
Slide 1: Blue Owl Update May 3, 2021
Exhibit 99.2 Blue Owl Update May 3, 2021Exhibit 99.2 Blue Owl Update May 3, 2021
Slide 2: Disclaimers
CONFIDENTIAL Disclaimers This presentation (this “Investor Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between the Dyal Capital Partners (“Dyal”) division
Slide 3: Leading, Next-Generation Alternative Asset Manager
CONFIDENTIAL Leading, Next-Generation Alternative Asset Manager A Business Built for Predictable, High FRE Growth (1) Permanent Capital – 91% of assets under management are permanent P (2) FRE Focused – 100% of earnings from FRE P (2) High Growth – Five year expected FRE growth rate of 30%+ P High M
Slide 4: Blue Owl is a Preeminent Provider of Private Market GP Solutions
CONFIDENTIAL Blue Owl is a Preeminent Provider of Private Market GP Solutions ü Deep relationships facilitate a differentiated ecosystem to deliver GP solutions BROAD RANGE OF CAPITAL SOLUTION STRATEGIES & EXTENSIVE NETWORK OF RELATIONSHIPS Portfolio Companies Fund Solutions GP Solutions Diversified
Slide 5: Blue Owl has a Highly Differentiated Financial Profile
CONFIDENTIAL Blue Owl has a Highly Differentiated Financial Profile ü Blue Owl compares favorably to public alternative asset managers High-Growth, FRE Diversified Alt. Blue Owl (1) (1) Centric Firms Managers ‘22 FRE ‘22 FRE ‘22 FRE FRE-Centricity 100% as % of DE: 73% as % of DE: 60% as % of DE ’20-
Slide 6: Blue Owl's High-Growth, FRE-Focused Earnings Profile
CONFIDENTIAL Blue Owl’s High-Growth, FRE-Focused Earnings Profile ü Highly-attractive business model focused on strong growth, FRE generation, and best-in-class margins (1) ORGANIC AUM GROWTH ($bn) TOTAL REVENUES ($m) (2) Management Fee Revenue (%) 100% 100% 100% 100% 100% 100% Total CAGR: 21.9% $13
Slide 7: Peer Valuation Benchmarking
CONFIDENTIAL Peer Valuation Benchmarking ü Given Blue Owl’s fundamentals, buyside will focus on high-growth FRE centric peers NTM P / E SELECT PUBLIC ALTERNATIVE ASSET MANAGEMENT TRADING METRICS 50x Equity % of Calendarized Calendarized Current Market Cap 52 Week P/E Multiples EV / EBITDA Multiples
Slide 8: Peer Valuation Update Post Announcement
CONFIDENTIAL Peer Valuation Update Post Announcement VALUATION COMPARISON AT TRANSACTION ANNOUNCEMENT (12/23/20) VS. TODAY 2 20 021 21E E P P/E /E 20 2022 22E E P P/E /E '20- '20-'22E '22E '22E '22E FRE FRE '22E '22E P Pr re- e- Co Comp mpany any A At t A An nn n.. T Tod oday ay ∆ ∆ A At t A An nn n
Slide 9: Project Bright Blue
CONFIDENTIAL Project Bright Blue It is our mission to achieve the following objectives over next 3 years Trade at parity (or better) with our most similar comparable companies ü Outperform current medium-term FRE expectations ü Pursue selected strategic acquisitions to add complementary “best of bre
Slide 10: Appendix: Peer Valuation Update Detail
CONFIDENTIAL Appendix: Peer Valuation Update Detail 12/3/20 4/30/21 PGHN EQT HLNE STEP Median PGHN EQT HLNE STEP Median 2021E P/E 29.3 x 34.6 x 31.3 x 39.9 x 33.0 x 2021E P/E 34.5 x 44.0 x 36.0 x 41.1 x 38.6 x 2022E P/E 24.9 x 31.3 x 27.5 x 32.8 x 29.4 x 2022E P/E 31.5 x 38.2 x 32.6 x 35.4 x 34.0 x
Slide 11: Appendix: Investment Performance Update
CONFIDENTIAL Appendix: Investment Performance Update ü Blue Owl investment vehicles continue to generate significant cash flow and attractive investment returns DYAL III & IV PERFORMANCE OWL ROCK PERFORMANCE § Dyal III (2016): 95% committed and 61.3% called§ Continue to increase scale across the $27