Blue Owl First Lien Fund II (Cayman) Unlevered LP

SEC Filing Record

Offering Amount

$162.0M

Strategy

Other

Exemption

06b

Date Filed

May 27, 2026

0002007890-26-000003

View on SEC EDGAR →

37A Read

This is a second vintage in an established series, structured as an unlevered fund—a material signal that Blue Owl is positioning this vehicle to compete for capital from LPs who either lack leverage capacity or view unlevered first-lien exposure as a distinct risk/return profile from the broader credit market.

The absence of prior Blue Owl filings on EDGAR combined with the two named GPs and 06b exemption indicates this manager operates through pre-existing LP relationships rather than broad-market fundraising, typical of established credit platforms that recycle capital among known institutions rather than building public market presence.

Filing an amendment to a second vintage in May 2026 reflects timing after the post-2023 rate environment stabilization, when direct lending and first-lien strategies began re-attracting institutional capital seeking yield without the refinancing risk of earlier vintages.

Before committing, verify whether the unlevered structure carries different fee economics or GP carry terms than a levered counterpart, and confirm that the $162M target reflects actual LP commitments or is a placeholder—this distinction materially affects whether the fund is oversubscribed, tracking to target, or still in early market phase.

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Principals

Registered Manager

Blue Owl First Lien Fund II (Cayman) Unlevered GP LLC

General Partners & Executives

ALAN KIRSHENBAUM CRAIG PACKER

Related Insights

Insight · May 28, 2026

Blue Owl Files $162M Unlevered First-Lien Fund as Private Credit Bifurcates

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