Hedge fund-focused private equity investor Dyal Capital Partners has picked up a minority stake in commodities-focused alternative asset manager Pinnacle.
New York-based Pinnacle Asset Management, which manages about $2.3bn, will continue to be led by its existing management team following the deal.
The investment is Dyal’s first since completing its $1.28bn fundraise earlier this month, exceeding its $1bn target and attracting more than 40 institutional clients including sovereign wealth funds, public and private pensions and insurance companies.
Dyal, which is managed by former Lehman Brothers asset manager Neuberger Berman, aims to buy minority equity interests in 12 to 15 institutional hedge fund management companies.
Pinnacle CIO Jason Kellman said, “We believe that this transaction strengthens our ability to serve our institutional investors’ needs in commodities investing.
“Dyal’s institutional scale and global scope makes it a great long-term strategic partner. We are delighted to be working with them.”
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