OWLCX-A invests in Blue Owl Alternative Credit Fund (OWLCX), a private credit solution that provides access to alternative credit, with a focus on asset-based finance (ABF). The fund seeks to generate current income, risk mitigation, and diversify investors’ credit allocations.
The information, products and services described in this website are issued by Channel Investment Management Limited ACN 163 234 240 and AFSL 439007 (“CIML”) solely for persons in Australia who are wholesale clients within the meaning of section 761G of the Corporations Act 2001 (Cth). By clicking Confirm below, you confirm that:
Asset-based finance (ABF) seeks to generate income from cash flows tied to pools of asset collateral. Within the broader private credit market, ABF differs significantly from direct lending, the most familiar private credit strategy for many investors. ABF investments focus on the cashflows and residual value of specific assets and pools of assets. Although the underlying assets have value as collateral, the primary source of repayment comes from the cash flows the assets can potentially generate, such as credit card receivables or equipment lease payments.
We categorise the broader ABF investment universe in two main buckets:
With 19+ years of investing experience and recognition as Specialty Finance Lender of the Year, Americas by Private Debt Investor in 20241, Blue Owl Alternative Credit Advisors II LLC is a market leader in asset-based finance with one of the longest and most consistent track records deploying capital among peers.
Asset-based finance is a large and growing market and can present a multi-trillion dollar opportunity. The expected growth is driven largely by increased regulation and higher capital requirements that have curtailed traditional US bank lending activity.
Despite this expansion, high barriers to entry persist due to the specialised underwriting expertise required for these highly structured and bespoke financings, creating potential advantages for established managers with sector-specific experience and existing infrastructure. Notably, there is only an estimated US$450bn of dedicated fund AUM to address this US$11tn+ market2.
| Responsible entity | Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’ or ‘Responsible Entity’) |
| Fund name | Blue Owl Alternative Credit Fund AUT ARSN 691 541 474 (the ‘Fund’ or ‘OWLCX-A’) |
| Underlying Fund | Blue Owl Alternative Credit Fund (the ‘Underlying Fund’ or ‘OWLCX’) is a statutory trust, formed under the laws of the State of Delaware, United States and is registered with the SEC as a non-diversified, closed-end management investment company registered under the U.S. Investment Company Act of 1940, as amended from time to time (the ‘1940 Act’). |
| Underlying Fund Investment Adviser | Blue Owl Alternative Credit Advisors II LLC (the ‘Underlying Fund Investment Adviser’) and, together with its affiliates, ‘Blue Owl’ |
| OWLCX-A investment objective and strategy | The Fund is generally expected to provide Investors with current income and, to a lesser extent, long-term capital appreciation by investing between 95% and 100% of its assets in USD-denominated Class I shares of the Underlying Fund. The Underlying Fund primarily employs a flexible mandate and dynamically allocates assets across a broad range of alternative credit assets and strategies, with a focus on private credit and asset-based finance. The Fund will not make direct investments in credit assets and will obtain exposure to such assets solely through its investment in the Underlying Fund. The Fund may hold cash for short-term operational purposes only. The Fund will not engage in short selling but may use leverage and derivatives (including foreign exchange forward contracts) solely for foreign exchange hedging purposes. |
| OWLCX Base Currency | Australian dollars (‘AUD’) |
| Underlying Fund Base Currency | United States dollars (‘USD’) |
| Currency hedging | The Fund intends to invest in a USD-denominated share class of the Underlying Fund, which will be hedged back into AUD at the Fund level. |
| Minimum suggested investment timeframe | At least five (5) years. The Fund is designed as a medium- to long-term investment for Investors who have a limited need for liquidity in their investment. The Fund is therefore not suitable for investors who depend on the short-term availability of their funds. |
| Minimum initial investment | AUD 100,0003 |
| Minimum additional investment | No minimum |
| Minimum redemption amount | No minimum |
| Minimum investment balance | AUD 100,0003 |
| OWLCX-A’s key fees and costs | Management fees and costs of 1.65% per annum of the net asset value (‘NAV’) of the Fund for Class A |
| Applications | Monthly on the last Calendar Day of each month or more frequently as determined by CIML. To invest in the Fund, applications must be received, verified and accepted and cleared application monies received in the Fund's application bank account by 5:00 pm (Sydney, New South Wales time), ten (10) Business Days prior to the last Calendar Day of each month. CIML reserves the right not to accept (wholly or in part) any application for any reason or without reason. |
| Redemptions | It is expected that CIML will generally process requests for redemptions on a monthly basis, on the last Calendar Day of each month or more frequently as determined by CIML (each a ‘Redemption Date’), where liquidity is available. However, Investors do not have a right to redeem their Units in the Fund, and CIML has discretion to accept or reject redemption requests and Investors do not have a right to withdraw from the Fund. Redemption requests are to be made in writing by completing a redemption form to be received by the Fund Administrator by 5:00 pm (Sydney, New South Wales time) at least ten (10) Business Days prior to the relevant Redemption Date. CIML may, in its sole discretion, choose to waive or shorten this notice period. Units will be redeemed based on the Unit price prevailing at the time less redemption transaction costs and any amounts the Investor owes to CIML. There may be circumstances where the Fund is unable to meet redemption requests within the expected timeframe, particularly if the Fund experiences liquidity constraints or if market conditions are adverse. In such cases, redemptions may be partially fulfilled, or suspended altogether. For instance, if the Fund does not have sufficient cash to satisfy all redemption requests on a given Redemption Date, the requests may be processed on a pro-rata basis. |
| Distributions4 | Monthly (when applicable or available from the Underlying Fund), or otherwise as determined by CIML. You can elect to have your distribution automatically reinvested as additional Units in the Fund or credited to your nominated financial institution account. If no election is made, your distributions will be automatically reinvested into the Fund. |
| Liquidity of assets | OWLCX-A invests substantially all of its assets into Class I shares of the Underlying Fund, which are themselves inherently illiquid. As a consequence, the Fund will have limited ability to redeem these holdings or otherwise access liquidity. This illiquidity at the Underlying Fund level directly restricts CIML’s capacity to satisfy Investor redemption requests promptly. Investors must carefully consider this illiquidity and the potential restrictions on redeeming their investment in the Fund when making their investment decision. |
This information is summary in nature and is in no way complete, and these terms have been simplified for illustrative purposes and may change materially at any time without notice. In particular, this information omits certain important details about the stated terms and does not address certain other key Fund terms or risks or represent a complete list of all OWLCX-A terms. If you express an interest in investing in OWLCX-A, you will be provided with a PDS, application form, and other documents ("Fund Documents"), which shall govern in the event of any conflict with the general terms listed herein. You must rely only on the information contained in the Fund Documents in making any decision to invest. Please see the PDS for corresponding terms.
Click here for information on post-trade communications & timelines
Click here to view additional important information.
Asset-based finance (ABF) seeks to generate income from cash flows tied to pools of asset collateral. Within the broader private credit market, ABF differs significantly from direct lending, the most familiar private credit strategy for many investors. ABF investments focus on the cashflows and residual value of specific assets and pools of assets. Although the underlying assets have value as collateral, the primary source of repayment comes from the cash flows the assets can potentially generate, such as credit card receivables or equipment lease payments.
We categorise the broader ABF investment universe in two main buckets:
With 19+ years of investing experience and recognition as Specialty Finance Lender of the Year, Americas by Private Debt Investor in 20241, Blue Owl Alternative Credit Advisors II LLC is a market leader in asset-based finance with one of the longest and most consistent track records deploying capital among peers.
Asset-based finance is a large and growing market and can present a multi-trillion dollar opportunity. The expected growth is driven largely by increased regulation and higher capital requirements that have curtailed traditional US bank lending activity.
Despite this expansion, high barriers to entry persist due to the specialised underwriting expertise required for these highly structured and bespoke financings, creating potential advantages for established managers with sector-specific experience and existing infrastructure. Notably, there is only an estimated US$450bn of dedicated fund AUM to address this US$11tn+ market2.
| Responsible entity | Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’ or ‘Responsible Entity’) |
| Fund name | Blue Owl Alternative Credit Fund AUT ARSN 691 541 474 (the ‘Fund’ or ‘OWLCX-A’) |
| Underlying Fund | Blue Owl Alternative Credit Fund (the ‘Underlying Fund’ or ‘OWLCX’) is a statutory trust, formed under the laws of the State of Delaware, United States and is registered with the SEC as a non-diversified, closed-end management investment company registered under the U.S. Investment Company Act of 1940, as amended from time to time (the ‘1940 Act’). |
| Underlying Fund Investment Adviser | Blue Owl Alternative Credit Advisors II LLC (the ‘Underlying Fund Investment Adviser’) and, together with its affiliates, ‘Blue Owl’ |
| OWLCX-A investment objective and strategy | The Fund is generally expected to provide Investors with current income and, to a lesser extent, long-term capital appreciation by investing between 95% and 100% of its assets in USD-denominated Class I shares of the Underlying Fund. The Underlying Fund primarily employs a flexible mandate and dynamically allocates assets across a broad range of alternative credit assets and strategies, with a focus on private credit and asset-based finance. The Fund will not make direct investments in credit assets and will obtain exposure to such assets solely through its investment in the Underlying Fund. The Fund may hold cash for short-term operational purposes only. The Fund will not engage in short selling but may use leverage and derivatives (including foreign exchange forward contracts) solely for foreign exchange hedging purposes. |
| OWLCX Base Currency | Australian dollars (‘AUD’) |
| Underlying Fund Base Currency | United States dollars (‘USD’) |
| Currency hedging | The Fund intends to invest in a USD-denominated share class of the Underlying Fund, which will be hedged back into AUD at the Fund level. |
| Minimum suggested investment timeframe | At least five (5) years. The Fund is designed as a medium- to long-term investment for Investors who have a limited need for liquidity in their investment. The Fund is therefore not suitable for investors who depend on the short-term availability of their funds. |
| Minimum initial investment | AUD 100,0003 |
| Minimum additional investment | No minimum |
| Minimum redemption amount | No minimum |
| Minimum investment balance | AUD 100,0003 |
| OWLCX-A’s key fees and costs | Management fees and costs of 1.65% per annum of the net asset value (‘NAV’) of the Fund for Class A |
| Applications | Monthly on the last Calendar Day of each month or more frequently as determined by CIML. To invest in the Fund, applications must be received, verified and accepted and cleared application monies received in the Fund's application bank account by 5:00 pm (Sydney, New South Wales time), ten (10) Business Days prior to the last Calendar Day of each month. CIML reserves the right not to accept (wholly or in part) any application for any reason or without reason. |
| Redemptions | It is expected that CIML will generally process requests for redemptions on a monthly basis, on the last Calendar Day of each month or more frequently as determined by CIML (each a ‘Redemption Date’), where liquidity is available. However, Investors do not have a right to redeem their Units in the Fund, and CIML has discretion to accept or reject redemption requests and Investors do not have a right to withdraw from the Fund. Redemption requests are to be made in writing by completing a redemption form to be received by the Fund Administrator by 5:00 pm (Sydney, New South Wales time) at least ten (10) Business Days prior to the relevant Redemption Date. CIML may, in its sole discretion, choose to waive or shorten this notice period. Units will be redeemed based on the Unit price prevailing at the time less redemption transaction costs and any amounts the Investor owes to CIML. There may be circumstances where the Fund is unable to meet redemption requests within the expected timeframe, particularly if the Fund experiences liquidity constraints or if market conditions are adverse. In such cases, redemptions may be partially fulfilled, or suspended altogether. For instance, if the Fund does not have sufficient cash to satisfy all redemption requests on a given Redemption Date, the requests may be processed on a pro-rata basis. |
| Distributions4 | Monthly (when applicable or available from the Underlying Fund), or otherwise as determined by CIML. You can elect to have your distribution automatically reinvested as additional Units in the Fund or credited to your nominated financial institution account. If no election is made, your distributions will be automatically reinvested into the Fund. |
| Liquidity of assets | OWLCX-A invests substantially all of its assets into Class I shares of the Underlying Fund, which are themselves inherently illiquid. As a consequence, the Fund will have limited ability to redeem these holdings or otherwise access liquidity. This illiquidity at the Underlying Fund level directly restricts CIML’s capacity to satisfy Investor redemption requests promptly. Investors must carefully consider this illiquidity and the potential restrictions on redeeming their investment in the Fund when making their investment decision. |
This information is summary in nature and is in no way complete, and these terms have been simplified for illustrative purposes and may change materially at any time without notice. In particular, this information omits certain important details about the stated terms and does not address certain other key Fund terms or risks or represent a complete list of all OWLCX-A terms. If you express an interest in investing in OWLCX-A, you will be provided with a PDS, application form, and other documents ("Fund Documents"), which shall govern in the event of any conflict with the general terms listed herein. You must rely only on the information contained in the Fund Documents in making any decision to invest. Please see the PDS for corresponding terms.
Click here for information on post-trade communications & timelines
Click here to view additional important information.
Current income stream based on contractual cash flows generated by financial and hard assets
Seeks to provide risk mitigation via highly diversified collateral pools and fully amortizing assets that derisk over time
Reduce correlation to other credit investments via a portfolio invested across differentiated private credit asset types
OWLCX-A offers investors the following potential benefits:
Access to alternative credit, with a focus on asset-based finance
Access to a team with 19+ years of experience, relationships with 50+ non-bank lenders, and US$24 billion of capital deployed5
Current income based on cash flows generated by a highly diversified pool of asset collateral
Risk mitigation via highly diversified collateral and fully amortising assets that derisk over time
Reduce correlation to other credit investments via a portfolio invested across asset types
All investments carry risk. Neither CIML, nor Blue Owl Alternative Credit Advisors II LLC, OWLCX or any of their affiliates (Blue Owl), their directors, associates nor any of their related bodies guarantee the success of OWLCX-A or OWLCX, the repayment of capital or any particular rate of capital or income return. Investments in the Fund are not guaranteed or underwritten by CIML or Blue Owl or any other person or party and you may lose some or all of your investment. A summary of the key risks that may impact the value of your investment in the Fund are outlined below. For further detail, please refer to the PDS.
Several specific risks are associated with investing in OWLCX-A. These can include, but are not limited to:
Underlying fund risk
Foreign investment risk
Liquidity risk
Credit investment risk
Inflation risk
Leverage
Foreign currency risk
Alternative credit investment risk
Limited operating history
Withdrawal risk
Interest rate risk
Derivatives risk
Please refer to OWLCX-A's Product Disclosure Statement for more information about the Risks of investing in OWLCX-A.
OWLCX-A offers investors the following potential benefits:
Access to alternative credit, with a focus on asset-based finance
Access to a team with 19+ years of experience, relationships with 50+ non-bank lenders, and US$24 billion of capital deployed5
Current income based on cash flows generated by a highly diversified pool of asset collateral
Risk mitigation via highly diversified collateral and fully amortising assets that derisk over time
Reduce correlation to other credit investments via a portfolio invested across asset types
All investments carry risk. Neither CIML, nor Blue Owl Alternative Credit Advisors II LLC, OWLCX or any of their affiliates (Blue Owl), their directors, associates nor any of their related bodies guarantee the success of OWLCX-A or OWLCX, the repayment of capital or any particular rate of capital or income return. Investments in the Fund are not guaranteed or underwritten by CIML or Blue Owl or any other person or party and you may lose some or all of your investment. A summary of the key risks that may impact the value of your investment in the Fund are outlined below. For further detail, please refer to the PDS.
Several specific risks are associated with investing in OWLCX-A. These can include, but are not limited to:
Underlying fund risk
Foreign investment risk
Liquidity risk
Credit investment risk
Inflation risk
Leverage
Foreign currency risk
Alternative credit investment risk
Limited operating history
Withdrawal risk
Interest rate risk
Derivatives risk
Please refer to OWLCX-A's Product Disclosure Statement for more information about the Risks of investing in OWLCX-A.
The following information is only available to financial advisers. By clicking the Agree button below, you confirm that you are a financial adviser.
OWLCX-A is structured as a registered unlisted Australian unit trust with monthly applications, monthly distributions, and monthly liquidity (subject to availability).
The following webpage is provided to clients in AU by Blue Owl Alternative Credit Fund (“OWLCX”), a non-diversified, closed-end management investment company established under the U.S. Investment Company Act of 1940. OWLCX is not licensed to provide financial product advice in Australia in relation to OWLCX or an interest in OWLCX and OWLCX or interests in OWLCX are not available for issue to clients in Australia directly. An investor in OWLCX will not have cooling off rights.
Past performance is not indicative of future performance.
OWLCX-A is structured as a registered unlisted Australian unit trust with monthly applications, monthly subscriptions, and monthly liquidity (subject to availability).
| Share Class | 1-month | 3-month | YTD | 1-year | ITD |
|---|---|---|---|---|---|
| Class I | 1.30% | 3.05% | 5.70% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.80% | 0.68% | 1.13% | 0.70% | 1.00% | 1.30% | 5.70% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.06 | $0.09 | $0.10 | $0.09 | $0.08 | $0.08 |
| Share Class | 1-month | 3-month | YTD | 1-year | ITD |
|---|---|---|---|---|---|
| Class U | 1.27% | 2.92% | 3.93% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.98% | 0.68% | 0.95% | 1.27% | 3.93% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.08 | $0.09 | $0.08 | $0.08 |
Past performance is not a guarantee of future results. Total return is calculated based on the change in quoted market price of the fund’s shares, taking into account dividends reinvested in accordance with the terms of the dividend reinvestment plan or lacking such plan, at the lesser of net asset value or market price on the dividend distribution date (total investment return computed based on net asset value per share may also be presented if the difference in results between the two calculations is explained). Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, distribution and servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s and Board’s election to continue expense support, and other unpredictable variables.
Total returns based on the inception of each share class; for performance purposes, the inception date of the fund was the commencement of the private offering: May 12th 2025 for Class I Shares and July 15th 2025 for Class U Shares. The Adviser has voluntarily agreed to waive receipt of the Management Fee and Incentive Fee until the commencement of any public offering of the Fund’s Shares. The performance data for Class U Shares and Class S Shares will be available beginning three-months after the inception date of such class.
The performance calculation for the months of May, June, and July 2025 does not include the Management Fee and Incentive Fee which was voluntarily waived during such period. The Fund’s public registration statement went effective on August 28th, 2025; performance subsequent to such date will take into account the Management Fee and Incentive Fee.
No upfront sales load will be paid to the Fund or Blue Owl Securities LLC with respect to Class S and Class U Shares. If, however, Class S Shares or Class U Shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class S Share and 3.00% of the net offering price per share for each Class U Share. The performance data shown above does not reflect the deduction of such a sales load or fee, and if reflected, the load or fee would reduce the performance quoted.
| Share Class | 1-month | 3-month | YTD | 1-year | ITD |
|---|---|---|---|---|---|
| Class I | 1.30% | 3.05% | 5.70% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.80% | 0.68% | 1.13% | 0.70% | 1.00% | 1.30% | 5.70% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.06 | $0.09 | $0.10 | $0.09 | $0.08 | $0.08 |
| Share Class | 1-month | 3-month | YTD | 1-year | ITD |
|---|---|---|---|---|---|
| Class U | 1.27% | 2.92% | 3.93% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.98% | 0.68% | 0.95% | 1.27% | 3.93% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.08 | $0.09 | $0.08 | $0.08 |
OWLCX’s portfolio provides access to a large, growing, and underpenetrated asset class within the broader private credit market.
Past performance is not representative of future results. Total may not sum due to rounding.
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OWLCX focuses on investments in asset-based finance, both financial and hard assets. Financial assets include installment loans, credit card loans, and point-of-sale financing, as well as small business loans. OWLCX’s investments in this space are primarily made through partnerships with specialty finance platforms via asset-based lending facilities and forward flow purchase agreements, both with strict credit standards, transparency, and financial controls. In hard assets, OWLCX focuses on mission-critical equipment leases to large commercial borrowers, which generally feature from being super-priority in the capital structure and amortisation aligned with the asset’s useful life – characteristics that may contribute to risk mitigation.
Blue Owl estimates ABF’s current addressable market at ~US$11.2tn with ~US$450bn of dedicated fund manager AUM (~4% penetration rate)2. This, coupled with continued bank retrenchment from serving the capital needs of our partners in this space, creates what it believes is a secular trend. As an incumbent ABF investor for nearly two decades5, Blue Owl believes its experience, infrastructure, and scale serves as a moat for its business, reinforcing its competitive position while enhancing its market share.
Blue Owl Alternative Credit was founded in 20065, with a senior leadership team – led by Ivan Zinn, David Aidi, Ray Chan, and Josh Ufberg – that has been investing together since 2011. The team is supported by ten Managing Directors, many of whom have built their careers at the firm. Over the years, Blue Owl has cultivated deep relationships with more than 100 non-bank origination platforms, with over 50 active relationships. Collectively, these platforms have originated tens of millions of loans, all with unique performance data. To harness this data, Blue Owl launched a data science initiative nearly a decade ago, enabling daily performance monitoring and rapid underwriting – especially with repeat counterparties, which account for roughly 75% of investments across the platform. This long-standing infrastructure is a key strength that helps position Blue Owl to uncover, access, and source new investment opportunities.
Please refer to the post-trade communications & timelines for all information.
Investors must submit a signed application.
Monthly (when applicable or available from OWLCX), or otherwise as determined by CIML. You can elect to have your distribution reinvested as additional Units in OWLCX-A or credited to your nominated financial institution account. If no election is made, your distributions will be automatically reinvested into OWLCX-A.
Redemptions from OWLCX-A are generally processed monthly on the last calendar day of each month, subject to available liquidity. However, investors do not have a right to redeem their Units in OWLCX-A, as Channel Investment Management Limited retains discretion to accept or reject redemption requests. Redemption requests must be received by 5pm (AEST), at least ten (10) Business Days before OWLCX-A’s redemption date, with redemptions processed based on the Unit price at that time.
If redemption requests exceed OWLCX-A’s available cash, they may be partially fulfilled on a pro-rata basis, and any rejected requests must be resubmitted for the next redemption date.
Relevant redemption proceeds are paid within 30 calendar days following CIML effecting a redemption. However, CIML may take up to 200 calendar days to fully process and effect a redemption as CIML may suspend redemptions under certain conditions.
To apply online directly, please submit your application via CIML: BLUE OWL ALTERNATIVE CREDIT FUND AUT - Channel Capital.
OWLCX focuses on investments in asset-based finance, both financial and hard assets. Financial assets include installment loans, credit card loans, and point-of-sale financing, as well as small business loans. OWLCX’s investments in this space are primarily made through partnerships with specialty finance platforms via asset-based lending facilities and forward flow purchase agreements, both with strict credit standards, transparency, and financial controls. In hard assets, OWLCX focuses on mission-critical equipment leases to large commercial borrowers, which generally feature from being super-priority in the capital structure and amortisation aligned with the asset’s useful life – characteristics that may contribute to risk mitigation.
Blue Owl estimates ABF’s current addressable market at ~US$11.2tn with ~US$450bn of dedicated fund manager AUM (~4% penetration rate)2. This, coupled with continued bank retrenchment from serving the capital needs of our partners in this space, creates what it believes is a secular trend. As an incumbent ABF investor for nearly two decades5, Blue Owl believes its experience, infrastructure, and scale serves as a moat for its business, reinforcing its competitive position while enhancing its market share.
Blue Owl Alternative Credit was founded in 20065, with a senior leadership team – led by Ivan Zinn, David Aidi, Ray Chan, and Josh Ufberg – that has been investing together since 2011. The team is supported by ten Managing Directors, many of whom have built their careers at the firm. Over the years, Blue Owl has cultivated deep relationships with more than 100 non-bank origination platforms, with over 50 active relationships. Collectively, these platforms have originated tens of millions of loans, all with unique performance data. To harness this data, Blue Owl launched a data science initiative nearly a decade ago, enabling daily performance monitoring and rapid underwriting – especially with repeat counterparties, which account for roughly 75% of investments across the platform. This long-standing infrastructure is a key strength that helps position Blue Owl to uncover, access, and source new investment opportunities.
Please refer to the post-trade communications & timelines for all information.
Investors must submit a signed application.
Monthly (when applicable or available from OWLCX), or otherwise as determined by CIML. You can elect to have your distribution reinvested as additional Units in OWLCX-A or credited to your nominated financial institution account. If no election is made, your distributions will be automatically reinvested into OWLCX-A.
Redemptions from OWLCX-A are generally processed monthly on the last calendar day of each month, subject to available liquidity. However, investors do not have a right to redeem their Units in OWLCX-A, as Channel Investment Management Limited retains discretion to accept or reject redemption requests. Redemption requests must be received by 5pm (AEST), at least ten (10) Business Days before OWLCX-A’s redemption date, with redemptions processed based on the Unit price at that time.
If redemption requests exceed OWLCX-A’s available cash, they may be partially fulfilled on a pro-rata basis, and any rejected requests must be resubmitted for the next redemption date.
Relevant redemption proceeds are paid within 30 calendar days following CIML effecting a redemption. However, CIML may take up to 200 calendar days to fully process and effect a redemption as CIML may suspend redemptions under certain conditions.
To apply online directly, please submit your application via CIML: BLUE OWL ALTERNATIVE CREDIT FUND AUT - Channel Capital.
All data as of October 31, 2025 unless otherwise noted. Past performance is not a guarantee of future results.
Endnotes
1. Blue Owl Alternative Credit was ranked by Private Debt Investor as the “2024 Specialty Finance Lender of the Year, Americas”. Private Debt Investor ("PDI") is an independent organisation that is not affiliated with Blue Owl Alternative Credit (fka Atalaya Capital Management). PDI's selection process involved an initial fee-free application where managers were nominated for award categories and subsequently subject to an online reader poll that prompts readers to vote for a particular firm in one or more of multiple enumerated categories, including Lender of the Year. The nomination criteria are inherently subjective and account for a mixture of qualitative and quantitative criteria, including non-financial considerations. Blue Owl Alternative Credit has provided compensation to Private Debt Investor in connection with sponsorship in other publications but not in connection with the consideration for or receipt of these awards. Award recipients were announced by PDI in March of 2025. Blue Owl Alternative Credit is unaware of any factor that could call into question the validity of its selection as PDI's 2024 Lender of the Year, and the award is not indication of Blue Owl Alternative Credit’s future performance. There can be no assurance that another organisation or different sampling process would achieve similar results.
2. TAM is defined as Total Addressable Market. Asset-based finance TAM, growth of private ABF, and the 2028E estimate reflects market sizing developed by Blue Owl, based on assumptions derived by third-party sources, including Federal Reserve Z.1 Financial Accounts of the United States Q3 2023, FRB NY Quarterly Report on Household Debt and Credit November 2023, SIFMA statistics Q3 2023, Secured Finance Foundation 2023 Secured Finance Market Sizing and Impact Study, 2022 Equipment Leasing & Finance Industry Horizon Report, CFPB Fact Sheet March 30 2023, Preqin Private Debt 2022 data, S&P Global Credit Trends Report October 2, 2023, Ginnie Mae Global Markets Analysis Report December 2023, Interval Fund Tracker Most Recent Quarter Data 2023. MSI research Q4 2023. Assumptions of the underlying include estimated growth rates and product trends derived from the cited industry sources. Actual outcomes may vary materially.
3. CIML has discretion to accept lower amounts.
4. The Fund’s ability to pay a distribution is contingent on the income it receives from its investment in the Underlying Fund and may mean that there is no distribution for a period. The Fund, as a shareholder of the Underlying Fund, is allocated distributing shares, where it is the intention of the Underlying Fund to issue cash distributions with respect to such shares on a monthly basis. There is no guarantee that the Underlying Fund will make distributions, and any distributions will be made at the discretion of the Underlying Fund, taking into consideration such factors as it deems appropriate, including earnings, cash flow, capital needs and general financial condition and the requirements of any applicable laws. As a result, the Underlying Fund’s distribution rates and payment frequency are expected to vary from month-to-month. Furthermore, the Fund may use distributions received from the Underlying Fund to cover losses incurred in the Fund’s FX hedging programme or to increase hedging reserve balances. Therefore, there can be no guarantee that any distributions will be made in respect of any given month.
5. The Alternative Credit platform’s inception date is March 2006 with the foundation of Atalaya Capital Management LLC ("Atalaya"). Atalaya was acquired by Blue Owl in September 2024.
6. "Total Investments" include all transactions, which can be defined as multiple transactions, or "investments", with the same counterparty and underlying assets.
Important information
This information has been prepared for use only by wholesale clients (as defined under the Corporations Act 2001 (Cth)) and is issued by Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’).
CIML is the responsible entity for the Blue Owl Alternative Credit Fund AUT ARSN 691 541 474 (‘OWLCX-A’). Neither CIML, Blue Owl Alternative Credit Advisors II LLC (‘Blue Owl’), nor any of their respective related entities, associates, officers, employees or agents make any representations or warranties, express or implied as to the accuracy, reliability or completeness of the information contained on this website and nothing contained on this website is or shall be relied upon as a promise or representation, whether as to the past or the future. Past performance is not indicative of future performance. This information is given in summary form and does not purport to be complete. Information on this website should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling units in the OWLCX-A and does not take into account an investor’s particular investment objectives, financial situation or needs. Before acting on any information investors should consider the appropriateness of the information having regard to these matters, any relevant product disclosure statement (‘PDS’) and in particular, they should seek independent financial advice. For further information and before investing, please read the PDS and target market determination (‘TMD’) available on this website.
Any interests expressed is taken as an indicative intention only and is not binding on the investor, CIML or Blue Owl.
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by CIML, Blue Owl or any related entity of Blue Owl to buy, sell, or hold any security. Views and opinions are current as of publishing and may be subject to change, they should not be construed as investment advice. This material on OWLCX-A and OWLCX is provided for educational purposes, in the context of the distribution of the OWLCX-A only and should not be construed as investment advice or an offer or solicitation to participate in OWLCX-A or OWLCX.
Blue Owl Alternative Credit Advisors II LLC is a representative of Blue Owl Technology Credit Advisors LLC. Blue Owl Technology Credit Advisors LLC has obtained exemptive relief from the requirement to hold an Australian financial services licence under the Corporations Act in respect of financial services it may provide to Wholesale Clients in Australia, including advice and dealings in relation OWLCX-A, and is a body regulated by the U.S. Securities and Exchange Commission (‘SEC’) under U.S. laws, which differ from Australian laws.
OWLCX Risk Factors
Assets Under Management ("AUM") refers to the managed assets and is generally equal to the sum of (i) net asset value ("NAV"); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Assets products; and (v) par value of collateral for collateralised loan obligations ("CLOs") and other securitisations.
The material is issued by CIML and includes proprietary information regarding Blue Owl Capital Inc. ("Blue Owl Capital"), its affiliates and investment programme, funds sponsored by Blue Owl Capital as well as investments held by funds sponsored by Blue Owl Capital.
An investment in OWLCX or other investment vehicle entails a high degree of risk. Prospective investors should consider all of the risk factors set forth in the "Risk Factors and Special Considerations" and "Conflicts of Interest" sections of the prospectus, each of which could have an adverse effect on OWLCX or other investment vehicle and on the value of Interests.
An investment in OWLCX or other investment vehicle is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity associated with an investment in OWLCX or other investment vehicle. Investors in OWLCX or other investment vehicle must be prepared to bear such risks for an indefinite period of time. There will be restrictions on transferring interests in OWLCX or other investment vehicle, and the investment performance of OWLCX or other investment vehicle may be volatile. Investors must be prepared to hold their interests in OWLCX or other investment vehicle until its dissolution and should have the financial ability and willingness to accept the risk characteristics of OWLCX’s or other investment vehicle’s investments.
There can be no assurances or guarantees that OWLCX’s or other investment vehicles investment objectives will be realised, that OWLCX’s or other investment vehicle investment strategy will prove successful or that investors will not lose all or a portion of their investment in OWLCX.
Furthermore, investors should not construe the performance of any predecessor funds or other investment vehicle as providing any assurances or predictive value regarding future performance of OWLCX.
The views expressed and, except as otherwise indicated, the information provided is subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of CIML and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue" and other similar expressions. Neither CIML, Blue Owl, nor any of their respective related entities, associates, officers, employees or agents or any other person (collectively the "Relevant Entities") is under any obligation to update or keep current the information contained in the OWLCX risk factors section.
This material contains information from third party sources which has not been verified. No representation or warranty, express or implied, is given by or on behalf of the Relevant Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this material and no liability whatsoever (in negligence or otherwise) is accepted by the Relevant Entities for any loss howsoever arising, directly or indirectly, from any use of this material or its contents, or otherwise arising in connection therewith.
All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment adviser, potential conflicts of interest, payment of substantial fees to the investment adviser and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate.
Performance Information:
Where performance returns have been included in this material, refer to the important information relating to the calculation of these returns as well as other pertinent performance related definitions.
This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund or other investment vehicle and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or investment vehicle managed by CIML or any related entity of Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum or other offering material) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus, Private Placement Memorandum or other offering material is truthful or complete. Any representation to the contrary is a criminal offence. Within the United States and Canada, securities in OWLCX are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.