On Feb. 11, 2026, Blue Owl Capital announced the final close of its first-ever secondaries fund. Blue Owl Strategic Equity, known by the shorthand BOSE, pulled in roughly $3 billion from a mix of institutional backers and private wealth clients. For a firm that did not operate in the secondaries market until 2024, it was a notable entry.
The close also landed during a crowded stretch for debut GP-led funds. Leonard Green & Partners wrapped up a $3.6 billion vehicle in January 2026. HarbourVest Partners closed a $1.1 billion structured solutions fund around the same time. And Coller Capital raised $17 billion for its ninth flagship. Blue Owl Capital’s entrance added one more sizable entrant to a category that barely existed five years ago.
What BOSE actually invests in
BOSE targets continuation vehicles and minority equity transactions. Put simply, the fund provides capital to private equity sponsors who want to hold onto their best-performing portfolio companies past the typical fund lifecycle. Rather than sell a strong asset at the end of a fund’s term, a sponsor can roll it into a new vehicle — and BOSE supplies the fresh capital that makes the transaction work.
Co-CEOs Doug Ostrover and Marc Lipschultz framed the opportunity this way: “Sponsors are looking for long‑term, aligned capital to support high‑conviction assets, and BOSE is designed to meet that demand at scale.”
Who backed the fund and why
Among the institutional investors, the New York State Common Retirement Fund stood out. NYSCRF committed $300 million to BOSE and allocated an additional $360 million to a separately managed account called the Empire Opportunistic Secondary Fund.
Other backers included the Arkansas Local Police and Fire Retirement System, Kern County Employees’ Retirement Association, and the Richard Salomon Family Foundation. The breadth of the LP roster — spanning public pensions, municipal retirement systems, and a private foundation — suggests demand for dedicated GP-led vehicles cuts across investor types.
Where BOSE fits in a $106 billion market
GP-led secondaries reached a record $106 billion in transaction volume in 2025, according to Evercore figures cited by PitchBook. Blue Owl Capital had already completed at least one GP-led deal before BOSE’s formal close — backing a continuation vehicle in August 2024 that gave limited partners in Altamont Capital Partners’ fund the option to exit or roll their stakes in Tacala, a major Taco Bell franchise operator.
Chris Crampton, who leads the firm’s Strategic Equity business, said during the announcement: “We also continue to be highly encouraged by the level of interest BOSE is receiving from private equity managers and their management teams as they look for long‑term capital solutions.”
Marc Lipschultz added during Blue Owl’s Q4 2025 earnings call that BOSE is “a product that we see enormous potential for over time.”
Related: Blue Owl Capital Earnings Call Highlights Robust Growth
