Blue Owl Capital, a leading alternative asset manager, has announced it has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (dba Kuvare Asset Management) (KAM) for $750 million.
KAM is a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings. Blue Owl will fund the KAM acquisition through a combination of $325 million in cash and $425 million in Blue Owl class A common stock. The KAM acquisition is expected to close in the second or third quarter and remains subject to customary regulatory approvals and other closing conditions and specified termination rights. Upon closing of the KAM acquisition, most KAM employees are expected to join Blue Owl. In addition, there is potential for up to a $250 million earnout subject to certain adjustments and achievements of future revenue targets.
Separately, Blue Owl made a long-term investment in Kuvare today, purc