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  "documentTitle": "2025 Investor Day",
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  "authorName": "Blue Owl",
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      "text": "Projections and forward-looking statements are based on various assumptions and there is no guarantee expectations will be achieved.",
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      "text": "1. We expect to grow our FRE Management Fees and FRE by a 20+% CAGR over the next 5 years. We expect to more than double our AUM to $500bn+ by 2029.\n2. We can replicate the growth of our net lease business with Atalaya, IPI, and others.\n3. We are well positioned in the largest secular growth areas of alternatives including direct lending, alternative credit, GP stakes, and digital infrastructure.\n4. We have a leading Private Wealth franchise, strong and growing Institutional relationships and expanded Insurance capabilities.\n5. We have a differentiated business model that is built on permanent capital and is 100% FRE.\n6. We will continue to reinvest into the long-term growth of our business.\n7. We will continue to pursue new acquisitions that have a strong strategic rationale and large addressable markets.",
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      "evidence": "'$1 raised by OWL generates 3x more FRE than peers' (p.157), 140% TSR recap (p.159)",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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