(Bloomberg) -- Blue Owl Capital Inc. is launching a real estate finance strategy with the purchase of Prima Capital Advisors and the hiring of Jesse Hom from GIC Pte to spearhead the efforts, according to a statement that confirms an earlier Bloomberg News report.

The New York-based alternative asset manager is paying $170 million for real estate lender Prima, which is majority-owned by Stone Point Capital LLC, according to the statement. Prima’s employees are expected to join Blue Owl once the deal closes, which will likely be in the second or third quarter of this year.

As part of the push, Jesse Hom, who was previously global head of real estate credit at Singapore sovereign wealth fund GIC, is joining Blue Owl’s real estate platform as chief investment officer. He will report to Marc Zahr, co-president of Blue Owl and head of real estate. Apart from building out the new strategy, Hom will also work on growing Blue Owl’s existing triple net lease business.

Prima primarily focuses on investing in commercial mortgage-backed securities. Blue Owl plans to finance its acquisition of the firm with about $157 million of equity and $13 million in cash, subject to certain closing consideration adjustments. There is also potential for up to $35 million of earnout consideration in the form of equity. 

Just last week, Blue Owl agreed to buy Kuvare Asset Management — which services the insurance industry — in a transaction that is expected to add up to $20 billion of assets under management. 

(Updates with reference to company statement in first and second paragraph.)

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