Future Proof Citywide Replay: Alt Goes Mainstream Live with Blue Owl's Marc Zahr

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Future Proof, which holds one of the industry’s largest wealth conferences, invited me to hold a live podcast earlier this year with Blue Owl Co-President and Global Head of Real Assets Marc Zahr.

Marc is a pioneer in the real estate space, building Blue Owl into a market leader in the triple net lease strategy, a commercial real estate investment strategy that is becoming increasingly popular for real estate investors, tenants (think large corporates like Amazon, Walgreens, Dollar General), and investors alike.

Blue Owl’s Real Assets business has over $67.1B AUM, owning over 5,600 assets and partnering with over 800 tenants.

Marc founded Oak Street, the predecessor firm to Blue Owl, in 2009 with $17M AUM. Listening to Marc talk about the evolution of his career, building Oak Street, and running Blue Owl’s Real Assets platform, it’s no surprise to see why Marc and the firm have had success. His “myopic focus … perfecting his craft,” as he discussed in our conversation, his clarity of vision, and his ability to so clearly articulate his investment strategy and market opportunity have led to tremendous success for Oak Street, and now, Blue Owl.

Marc and I had a fascinating and thought-provoking discussion that covered everything from the evolution of his firm, how and why he sold Oak Street to Blue Owl, the market opportunity in triple net lease real estate investing, why data center investing is a large market opportunity, how to build a high-performing investment culture, and much more.

We discussed:

The story of how Marc built Oak Street from a $17M real estate investment firm and grew it into Blue Owl’s $67B AUM Real Assets platform.
Breaking down the triple net lease real estate investment strategy.
Why the industry “isn’t even in the first inning” in the $20T addressable market in triple net lease real estate investing.
Why data centers are a “once in a generation opportunity” due to capex supply / demand imbalance.
How a bigger platform can help an asset manager scale its business.
Why an evergreen structure can make sense and the story of how Blue Owl did so well with its triple net lease product on a private wealth platform that the private bank created their own product.
The hardest part of educating the wealth channel on real estate and evergreen structures.
Why private wealth is the biggest opportunity in the future.
The advice Marc would give to someone trying to build the next great asset manager.

Thanks Marc for sharing your wisdom, expertise, and thoughtful and nuanced perspectives on private markets and real estate.

174 episodes

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