Neuberger Berman raises $1bn to make loans to GP firms

Dyal’s new strategy will involve making loans to alternative asset managers regardless of whether the firm holds a stake in the potential borrower.

Dyal Capital Partners, part of Neuberger Berman, is launching a new fund that would offer debt to private markets firms, rather than buying minority stakes.

The firm has raised $1 billion for the strategy so far, according to the Wall Street Journal, which broke the news that Private Debt Investor has independently verified. The vehicle can make loans to firms regardless of whether Dyal owns a minority stake in the firm.

The firm declined to comment.

Dyal is currently in market with its fourth flagship fund and has raised $7 billion, sister publication Private Equity International reported in January. The vehicle, Dyal Capital Partners IV, had been targeting $6 billion. Fund III closed in February 2017 on $5.3 billion.

The firm currently takes minority stakes in alternative asset managers across all asset classes. It has invested in many credit firms, including Golub Capital, TPG Sixth Street Partners and Cerberus Business Finance. Dyal has investments in 36 firms with an aggregate $550 billion of assets under management, according to its website.