GP-led secondary transactions reached $47 billion in the first half of 2025. (blueowlcapitalcorporation.com/portfolio/portfolio-holdings) That number, a 68% increase from H1 2024, reflects a market that has moved from experimental to structural. Continuation vehicles, where private equity sponsors retain ownership of portfolio companies through newly created funds, accounted for 87% of the total. Blue Owl Capital raised more than $3 billion for its debut entry into this space, closing Blue Owl Strategic Equity (BOSE) on February 11, 2026.
The data comes from Jefferies’ H1 2025 Global Secondary Market Review, and the acceleration it documents has drawn capital from across the alternatives industry. What’s different about Blue Owl Capital’s entry is scale. A $3 billion first close for a debut secondaries vehicle puts BOSE in a small group of first-time funds that have launched at institutional size. Most debut vehicles in the space close between $500 million and $1.5 billion.
Blue Owl built BOSE within its Credit platform, which ended 2025 with $157.8 billion in assets under management. The organizational placement matters: it gives the Strategic Equity team access to Blue Owl’s institutional distribution network, its existing relationships with private equity sponsors through the GP Strategic Capital business, and the operational infrastructure of a firm managing $307.4 billion across multiple strategies.
The fund’s investment focus is narrow and deliberate. BOSE targets single-asset continuation funds and direct minority equity transactions: deals where a sponsor keeps its best company and brings in a new capital partner rather than selling to a third party. The buyer provides liquidity to existing LPs who want to exit and holds alongside the sponsor for an extended period.
Co-CEOs Doug Ostrover and Marc Lipschultz characterized the opportunity as one defined by alignment. Sponsors holding high-conviction assets want capital partners who match their time horizon. Chris Crampton, Senior Managing Director and Head of Strategic Equity, described active demand from managers across the pipeline.
The fundraising environment through 2025 and early 2026 has been selective. (pitchbook.com/profiles/investor/55785-97) Institutional allocators have concentrated commitments among larger managers with proven platforms, and many smaller or first-time funds have struggled to reach their targets. Blue Owl Capital’s ability to close BOSE at $3 billion under those conditions reflects the firm’s brand strength and the institutional appetite for dedicated secondaries exposure at a moment when GP-led deal flow is setting records. For allocators building out their secondaries programs, the fund offers an entry point with an established manager whose platform infrastructure reduces many of the operational risks associated with first-time vehicles.