Sunday, 28 December 2014
Last updated 4 days ago
Jul 19 2010 | 1:34pm ET
Neuberger Berman Group has launched a private equity fund that will invest in hedge fund firms.
The firm, which spun off from Lehman Brothers last year, has tapped Michael Rees and Andrew Komaroff, two Neuberger executives who worked in a Lehman unit that also invested in hedge fund managers before the investment bank collapsed two years ago, to head Dyal Capital Partners. Neuberger said in a regulatory filing that it has already raised $150 million for Dyal, which will be similar to Goldman Sachs’ Petershill fund, which has taken minority stakes in six hedge fund firms, including Capula Investment Management, Level Global Investors and Winton Capital Management.
Dyal plans to invest in between 12 and 15 hedge fund firms. But the fund is not looking to seed startups, instead focusing on hedge funds that already manage between $1 billion and $6 billion, particularly those that boast major pension funds as clients. Dyal will take a share of each manager’s fee income, and is targeting annual returns of 25% or more, Bloomberg News reports.
At Lehman, Rees and Komaroff were part of a group that invested about $2 billion in some of the biggest names in the hedge fund industry, taking minority stakes in D.E. Shaw Group, GLG Partners, Marble Bar Asset Management, Ospraie Management and Spinnaker Capital Group.
The minimum invested requirement in Dyal is $10 million.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.