Blue Owl Capital (NYSE: OWL), an alternative asset manager, has acquired Ascentium Group. The deal will establish a physical presence in Hong Kong for Blue Owl.

The new Hong Kong office will strengthen the firm’s presence in the Asia-pacific region as it also recently opened an office in Singapore. This is Blue Owl’s ninth global office.

“In order to better serve our current and prospective clients globally, we are thrilled to strengthen our presence in Asia with this acquisition of Ascentium,” added Blue Owl CEO, Douglas Ostrover. “There is tremendous opportunity for GP stakes, direct lending, and real estate solutions in the APAC region and we look forward to bringing our unique offerings to a market that is well-positioned for long-term growth.”