Dyal Capital, Hedge Investor, Tops Its Target

In 2010, Neuberger Berman, the big money manager spun out from the now-bankrupt Lehman Brothers, took a big gamble when it launched a new type of fund that would blur the lines between private equity and hedge funds by purchasing minority stakes in high performing hedge fund managers. More than two years later, the verdict is in: Dyal Capital Partners, as the fund is called, substantially exceeded its initial $1 billion fundraising target, closing with $1.3 billion in commitments.

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