(Bloomberg) -- Blue Owl Capital Inc.’s Dyal Capital Partners plans to raise at least $2 billion for a new fund dedicated to buying minority stakes in mid-sized alternative asset managers, according to people with knowledge of the matter. 

The effort is separate to Blue Owl’s flagship GP stakes strategy, which increasingly acquires stakes in larger managers in part because of the expanded size of its funds, said the people, asking not to be identified discussing private information.

The new vehicle will compete against institutions like Bennett Goodman’s Hunter Point Capital, Bonaccord Capital Partners and RidgeLake Partners, which have largely focused on mid-sized managers.

For the new fund, Blue Owl’s Dyal is discussing a mechanism for investors to directly commit capital to funds raised by the firms it backs, according to one of the people. That maneuver would offer a proposition similar to Wafra Inc. — the asset manager backed by Kuwait’s public pension fund — which often bets on vehicles managed by investment firms it acquires stakes in. 

A spokesman for Blue Owl declined to comment.

Blue Owl in January said it raised a record $12.9 billion for Dyal Capital Partners V, which eclipsed its $9 billion predecessor. In an earnings call last week, the firm said it plans to hold a first close for its latest flagship fund this quarter, with the vehicle targeting at least $13 billion. 

“We continue to witness the resilience of larger cap GPs, with these managers being the beneficiaries of market share gains during more challenging fundraising environments,” Blue Owl co-Chief Executive Officer Marc Lipschultz said during the earnings call. 

The Dyal GP stakes funds have delivered a net internal rate of return of 23% for Fund III, 46% for Fund IV and 21% for Fund V, Blue Owl’s CFO Alan Kirshenbaum said on the call. 

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