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Michael Rees is the Founder and Head of Dyal Capital Partners and Co-President of public company Blue Owl (OWL) after Dyal\u2019s merger with Owl Rock last year. Dyal is the market leader in buying General Partner stakes from established private equity and alternative asset managers and oversees $45 billion in its strategy.

Our conversation covers Michael\u2019s background, the early years of minority stakes, motivations of sellers, changing perceptions of the business, and return profile of investments. We then turn to Dyal\u2019s process across relationship-driven sourcing, best practices in fundraising and operations, conducting deals, and behavior of GPs after a sale. We close by touching on common critiques of Dyal\u2019s strategy and the outlook from here.

Hopefully this is an example of this new process working effectively! Let us know if anything else is needed.

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