Blue Owl Capital (NYSE: OWL) announced its HomeCourt Partners fund has acquired a minority equity stake in the Cleveland Cavaliers NBA franchise. Owner Dan Gilbert will retain his majority stake in the team.

HomeCourt Partners, a division of Blue Owl's GP Strategic Capital platform, was established in 2020 through a partnership with the NBA to provide institutional capital to NBA franchises. According to the company, the fund is the only pre-approved institutional investor permitted to purchase equity stakes in all 30 NBA teams.

The Cleveland Cavaliers investment is the sixth NBA franchise the fund has invested in since its launch. Previous investments include the Minnesota Timberwolves, Charlotte Hornets, Atlanta Hawks, Sacramento Kings, and the Phoenix Suns.

Cleveland Cavaliers CEO Nic Barlage said the addition of Blue Owl HomeCourt Partners "strengthens our competitive position within the NBA and across all our sporting properties."

Blue Owl reported $315 billion in assets under management as of March 31, 2026, across its Credit, Real Assets, and GP Strategic Capital platforms.