Marc Lipschultz

A deal would add $32 billion in assets under management to Blue Owl, which is already one of the largest private lending firms in the world.

The rebranding of Dyal Capital is notable because the firm is named after the children of founder Micheal Rees, who was asked to resign by Blue Owl's co-CEOs.

Other firms are gearing up to take advantage of private credit’s growth in Europe, with Nuveen buying a controlling stake in alternative debt firm Arcmont Asset Management.