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Breakingviews - Fund firm merger-SPAC deal has hairy outline

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Dyal Capital and Owl Rock are considering merging and going public. richardbeales1 explains why insider relationships and a SPAC overlay make the deal look hairy.

A trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange shortly after the market opening in New York July 11, 2013. REUTERS/Lucas Jackson

Dyal, a unit of Neuberger Berman, oversees holdings in other alternative asset managers worth some $22 billion. Owl Rock has direct-lending assets under management of $24 billion. Here’s where it gets interesting: Dyal last year bought a stake in Owl Rock, paying $500 million for a 20% interest according to the Wall Street Journal.

Again, that ought to be manageable. Shareholders in SPACs like Altimar are often specialist funds that leave such things to the principals involved. One challenge for investors who may buy in after a SPAC has found a target, however, is that deal terms are set by the same few people, not through a traditional market-based price-discovery process.

 

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