An investor in a Blue Owl Capital (OBDC) (OWL) private credit fund has filed a lawsuit in New York alleging the firm’s investment adviser breached fiduciary duties by inflating asset valuations to increase fee income, Reuters reports. The complaint against Blue Owl Capital Corporation centers on concerns over internal valuation of illiquid “Level 3” assets, arguing that the adviser’s dual role in both pricing assets and collecting fees created a conflict of interest, according to the report.
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