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      "text": "Page 73 - The Opportunity Set for Deployment Remains Robust\n1. As of September 2023. GP Stakes’ Total Addressable Market reflects the Blue Owl GP Stakes team’s estimate of private capital managers that would be potential investment opportunities by GP stakes buyers focusing on large ($10 billion AUM+), institutionalized private capital firms. Evaluation criteria include, but are not limited to, investment strategy, historical fundraising, track record, ownership structure and estimated profits.\n2. Includes total commitments for GPS I-V and total capital raised as of 12/31/24 for GPS VI and GPS Advantage.",
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      "text": "Page 72 - Our Scale Creates Leverage in Purchase Prices\n1. Transaction Multiple calculated as (Total Purchase Price) / (Blue Owl’s Share of Average Projected Year 1, Year 2 and Year 3 Distributable Earnings, per underwriting).\nPublic Market Comparables include Blackstone, Carlyle, Apollo, KKR, Blue Owl, EQT and Ares at 90 day rolling average prices as of 12/31/24.",
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      "text": "Page 71 - Our Competitive Advantages Are Significant\n1. Represents Debt and Equity investments across Blue Owl GP Stakes I-V, the Blue Owl Financing Fund and the Blue Owl GP Stakes Advantage Fund.\n2. Represents Debt and Equity partnerships across Blue Owl GP Stakes I-V, the Blue Owl Financing Fund and the Blue Owl GP Stakes Advantage Fund.\n3. Transaction Multiple calculated as (Total Purchase Price) / (Blue Owl’s Share of Average Projected Year 1, Year 2 and Year 3 Distributable Earnings, per underwriting).\n4. Represents transactions by GP Stakes vehicles since inception to September 30, 2024.",
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      "text": "Page 69 - Providing Growth Capital to a Growing Industry\nSources: Pitchbook, accessed April 2024. Pitchbook “Skin in the Game: Why GPs are putting more money into their own funds.” Investec “GP Trends 2021 Report.”",
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      "text": "Page 68 - We Remain the Clear Market Leader in GP Minority Stakes\n1. Includes capital raised for GP Stakes Fund VI and the GP Stakes Advantage Fund as of 12/31/2024. Dotted line denotes target size.\nSources: Company announcements and Preqin Pro (fund series analysis) as of 1/08/2025",
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      "text": "Page 77 - We Have Thrived in Real Estate Capital Raising\n1. Competitors 4Q24 tender amounts are excluded.\nSources:\nPrivate Wealth: Stanger Market Pulse December 2024\nInstitutional: PERE Fundraising Report Full Year 2024",
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      "text": "Endnotes",
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