Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Private Equity Masters 6 – Doug Ostrover – Blue Owl Capital (Capital Allocators, EP.205)
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May 15, 2025 
Doug Ostrover, Co-Founder and CEO of Blue Owl Capital, shares his journey from Wall Street to establishing GSO Capital Partners. He highlights how firm culture and strategic partnerships drive success in private equity. The discussion delves into sourcing investments, the underwriting process, and navigating the evolving landscape of direct lending. Doug also shares personal insights, including his love for golf and his humorous takes on college football. His reflections on the 2008 financial crisis offer valuable lessons for today’s investors.
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Leverage Finance Picked Him
- Doug Ostrover's career in leverage finance began by chance when his municipal finance role was disrupted by a tax code change.
- He was reassigned to the new junk bond group, marking the start of his leveraged finance career during a vibrant market.
Choosing People Over Pay
- Doug received offers from Bear Stearns and DLJ and chose DLJ due to the people despite lower pay.
- A surprise breakfast invitation from Bear Stearns' Ace Greenberg underscored the respect he had earned early on.
Founding GSO Capital Partners
- Doug co-founded GSO to blend public market expertise with origination focused on direct lending.
- Leaving a secure high-paying job to start GSO was nerve wracking, especially during peak Wall Street years.