Dyal Capital Partners-owned Blue Owl Capital Inc. plans to raise at least $2 billion in a new fund designed to buy minority stakes in mid-sized alternative asset managers, people familiar with the matter said.

The initiative is unrelated to Blue Owl’s core strategy of buying GP stakes, which has been increasingly acquiring stakes in larger managers, including by increasing the size of its funds, the people said.

The new fund will compete with institutions such as Bennett Goodman’s Hunter Point Capital, Bonaccord Capital Partners and RidgeLake Partners, which mainly focus on mid-sized managers.

For the new fund, Blue Owl’s Dyal is discussing a mechanism for investors to directly invest in funds raised by the companies he backs, according to one of the sources. Such a manoeuvre would offer an offering similar to Wafra Inc. – an asset manager backed by Kuwait’s state pension fund – which often bets on funds managed by investment companies whose stakes it acquires.

In January, Blue Owl said it raised a record $12.9 billion for Dyal Capital Partners V, topping the previous deal’s $9 billion. In an earnings call last week, the company said it plans to hold the first closing of its latest flagship fund in the current quarter, with a minimum of $13 billion.