Owl Rock Capital Partners, a credit firm founded by former Blackstone Group LP and KKR & Co. dealmakers, is close to finalizing raising money for a $3 billion loan fund, according to a Bloomberg report. According to the report, the $3 billion loan fund will buy senior loans, typically made to companies with lower credit ratings, according to people familiar with the matter.

Bloomberg also reports the asset manager has registered a new business development company with the U.S. Securities and Exchange Commission that will focus on lending to technology firms, according to an SEC filing on Friday.

Bloomberg reported, Owl Rock is led by Doug Ostrover, Marc Lipschultz and Craig Packer, who held senior positions at Blackstone, KKR and Goldman Sachs Group Inc., respectively and the firm now has $3.3 billion of assets under management across its business development companies.

Read the full Bloomberg report here.