Episode 27: Michael Rees - Co-President of Blue Owl Capital

This week on Generating Alpha, I’m joined by Michael Rees — Co-President of Blue Owl Capital and the visionary founder behind Dyal Capital, the platform that pioneered GP stakes investing and reshaped the landscape of alternative asset management.

Michael launched Dyal Capital with a bold and unconventional insight: that owning minority stakes in leading asset managers could create durable, long-term value in a space historically focused on short-term performance. Over the past decade, under Michael’s leadership, Dyal has invested in some of the most elite and influential firms in alternatives—including Silver Lake, Sixth Street, Vista Equity Partners, H.I.G. Capital, and many others.

In 2021, Dyal merged with Owl Rock to form Blue Owl Capital, where Michael now helps lead one of the fastest-growing alternative investment platforms in the world—managing over $270 billion across private credit, GP stakes, and real estate strategies.

In this wide-ranging conversation, we talk about Michael’s early career at Lehman Brothers, the genesis of Dyal Capital, and how he built an institutional platform that redefined how investors think about the business of asset management itself. We also explore the key qualities that separate great firms from good ones, what he’s learned from working with some of the sharpest minds in finance, and how Blue Owl is positioning itself for the future of alternatives.

Michael’s story is one of innovation, resilience, and a relentless focus on building lasting value—offering powerful lessons for anyone navigating the evolving worlds of investing, entrepreneurship, and financial strategy.