Ontario Municipal Employees Retirement System (OMERS) and British Columbia Investment Management Corp. (BCI) have reportedly bought a portion of a US$1.4-billion portfolio of loans from the asset manager. California Public Employees’ Retirement System and Blue Owl’s affiliated insurer Kuvare were also buyers. OMERS and BCI declined to comment to The Logic on the reported sale. (Bloomberg, The Logic)

Talking point: The sale follows a recent surge in withdrawal demands from investors in Blue Owl’s private credit fund. With that money tied up in long-term loans, the firm said it would impose new limits on investor withdrawals. Blue Owl avoided selling the portfolio at a heavy discount, announcing on Wednesday that it sold for 99.7 per cent of its par value. Still, the episode has drawn scrutiny to the asset class’s promise of steady, long-term capital, with private credit stocks sliding Thursday and Friday on the news.