Dyal Capital Partners, a subsidiary of asset manager Neuberger Berman that acquires stakes in private equity firms, is in advanced talks to buy a minority stake in credit investment firm Golub Capital.
Sources say the deal would be in line with Dyal’s typical strategy of investing around US$500m or more to acquire 10% to 25% of an alternative asset manager.
Golub is selling the stake to invest in its business. Golub has over US$25bn of assets under management and focuses its lending to so-called middle-market companies, which typically have 12-month cash flow ranging from US$5m to US$100m.
Established in 2011, Dyal has raised around US$14bn from investors to buy minority equity stakes in private equity fund managers. In recent years, it has invested in private equity firms including Silver Lake and EnCap Investments.