New fundraising by Blue Owl Capital-one of the pioneers of private credit-dropped precipitously in the second quarter, according to the company's SEC filing.

The figure is crucial to growing the firm's assets under management, the key driver of its stock valuation.

The amount of money raised declined about 16% from the first quarter of this year and 37% from the second quarter of 2025, reflecting a sharp decline in demand for private-credit funds from the wealthy individual investors that Blue Owl built its franchise around.

Inflows increased modestly for the firm's other main strategies investing in real assets, like buildings and data centers, and a unit that buys stakes in other fund managers.