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Alternative Market Briefing

Dyal Capital closes the fourth fund at $9bn

Tuesday, December 03, 2019

Laxman Pai, Opalesque Asia:

New York-based private-equity firm Dyal Capital Partners, a division of Neuberger Berman, closed its latest fund on more than $9 billion.

Dyal Capital Partners IV was heavily oversubscribed at the final close with more than $3.5 billion above the fund's original cap.

Aggregate commitments across all Dyal funds and co-investment vehicles now total more than $21.6 billion, solidifying Dyal's position as the leading provider of minority equity capital to well-established private equity and hedge fund management companies.

Dyal has formed minority partnerships with 41 firms.

Fund IV is backed by a global investor base that includes sovereign wealth funds, public and corporate pension plans, endowments, foundations, and family offices. Approximately 51% of the capital comes from the Americas and more than a third comes from Asia, reflecting the broad geographic appeal of Dyal's investment strategy.

Investors in the fund include the Minnesota State Board of Investment, St. Paul, which oversees $139.6 billion in state assets, including $108 billion in defined benefit plan assets.

Fund IV eclipses its predecessor, Dyal Capital Partners III (PE), as the largest fund ever raised to acquire minority interests in leading institutional private market firms.

Fund IV's objective is to provide passive, minority equity capital for building balance sheet capital and enabling leading firms to invest more capital alongs......................

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