Dyal Buys M.D. Sass-Macquarie Out Of Waterfall

Jul 11 2013 | 11:48am ET

A Neuberger Berman Group private-equity fund has taken its eighth stake in a hedge fund manager.

Dyal Capital Partners acquired a minority interest in Waterfall Asset Management from M.D. Sass-Macquarie Financial Partners. The credit hedge fund has $2.3 billion in assets under management, and will remain under the leadership of co-founders Tom Capasse and Jack Ross.

Terms of the deal were not disclosed, by Dyal generally takes a 20% passive stake.

Dyal closed in December with $1.28 billion in commitments, and aims to build a portfolio of between 12 and 15 established managers. In addition to Waterfall, the fund owns stakes in Capital Fund Management, Capstone Investment Advisors, Halcyon Asset Management, Mast Capital Management, MKP Capital Management, Pinnacle Asset Management and Scopia Fund Management.


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