Dyal plots June close after collecting $4.9bn – exclusive

Dyal Capital Partners is aiming to wrap up its fourth GP-interest fund at the end of June after holding a second close on $4.9 billion, Private Equity International has learned.

The Neuberger Berman unit has not set a hard-cap for the vehicle but is unlikely to exceed $6 billion, according to two sources with knowledge of the fund. The firm amassed $5.3 billion for Fund III in February 2017, with commitments from New York State Common Retirement Fund, Taiwan Life Insurance and Korean Teachers Credit Union, among others.

Neuberger Berman declined to comment.

Dyal currently holds stakes in 13 private equity managers, according to its website. These include San Francisco-based Vista Equity Partners, which manages over $30 billion of assets across private equity, credit, and public equity, and large-cap technology investor Silver Lake, which manages $39 billion of buyout, growth and debt.

The news comes less than a month after Blackstone made headlines by acquiring a raft of GP stakes through its $3.3 billion 2013-vintage Strategic Capital Holdings Fund. The three transactions – which comprised minority stakes in Hong Kong-headquartered PAG, Boston’s Rockpoint Group and New York-based mid-market firm Kohlberg & Company –meant the fund has now amassed an even number of stakes, in private equity and hedge fund managers, having invested only in the latter between 2013 and 2016.