Dyal Capital raises $1.28 billion for hedge fund stakes

Dyal Capital Partners, a private equity fund set up to take stakes in existing hedge fund firms, has closed to new money after raising $1.28 billion, showing that demand to invest in the sector persists despite recent poor performance, according to Reuters.

Dyal closed the fund after attracting money from more than 40 global institutional clients and beating its $1 billion target, asset manager Neuberger Berman, which will run the fund, said in a statement on Monday.

The fund's strategy is to back around 12 to 15 established hedge fund firms by taking minority equity stakes. Dyal has made two investments so far, and expects to complete several more in the coming months, the statement said.  Dyal did not name the two investments…..

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