Blue Owl Capital, an alternative asset manager, acquired Ascentium Group Limited to establish its physical presence in Hong Kong. Blue Owl recently opened an office in Singapore, so the Ascentium acquisition and establishment of an office in Hong Kong is meant to further strengthen the firm’s presence in the Asia-Pacific region.

Ascentium is led by its founder and CEO, James Lee, who will serve as the head of Blue Owl’s institutional sales team in Asia. Ascentium will, subject to relevant government authority approval, be renamed as Blue Owl Capital HK Limited.

“In order to better serve our current and prospective clients globally, we are thrilled to strengthen our presence in Asia with this acquisition of Ascentium,” Douglas Ostrover, CEO of Blue Owl Capital, said. “There is tremendous opportunity for GP stakes, direct lending and real estate solutions in the APAC region and we look forward to bringing our unique offerings to a market that is well-positioned for long-term growth.”

“I’m delighted to lead Blue Owl’s institutional sales efforts in the region,” Lee said. “The firm has established great partnerships globally and we look forward to broadening our existing and building new relationships with Asian institutions throughout the region.”

Blue Owl Capital’s Hong Kong office is the firm’s ninth office, with the company’s headquarters in New York.