Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The GP stakes deal builds on a 2024 strategic partnership, which established Lazard Elaia Capital as a technology-focused private equity investment platform.
The multi-strategy hedge fund manager provides institutional investors with exposure to cryptocurrencies and other digital assets.
The addition of Glouston Capital Partners will support the Natixis affiliate's efforts to expand its secondaries strategy and US distribution reach.
Founded in 2024 by former Park Square executive Jacob Ucar, Kinnerton provides debt and minority equity capital to mid-market businesses.
The partnership reflects "strong conviction with regards to the broad development of the secondaries market," said Gilles Dusaintpère, Head of GP Stake Investments at BNPP AM Alts.
The reported deal marks the latest GP stakes investment by Blue Owl, which won Top GP Stakes Buyer in the 2025 SecLink Awards.
