Dyal buys minority stake in HIG

Dyal Capital Partners III, a capital vehicle managed by investment manager Neuberger Berman, acquired a passive non-voting stake of less than 15%. HIG said proceeds will be used to increase the firm's investments in its own funds and to fund a number of growth initiatives.

The Wall Street Journal reported that the deal values HIG at $4.5bn.

Dyal Capital Partners III acquires minority equity interests in institutional alternative asset management businesses. Neuberger Berman was established in 2011 and manages three independent permanent capital funds. It currently has 18 minority investments. 

In July, Dyal acquired an interest of less than 10% in technology investor Silver Lake, which operates in Europe, the US and Asia. In summer last year, the investor made a minority investment in Texas-headquartered Vista Equity Partners, which focuses on the software, data and technology-enabled services sectors. 

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