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Dyal Acquires NY Hedge Fund

Jul 11, 2013
Jing Chen

Private equity firm Dyal Capital Partner has taken its eighth minority stake in a hedge fund.

Dyal Capital announced Wednesday that it has acquired an undisclosed passive minority interest in New York-based Waterfall Asset Management from M.D. Sass-Macquarie Financial Strategies, another private equity firm.

Under the agreement, Waterfall co-founders Jack Ross and Tom Capasse will continue to “retain complete control over the firm’s business operations and investment process.”

Neuberger Berman-owned Dyal Capital made its seventh acquisition last month when it bought a 20% stake in New York-based Capstone Investment for $60 million. The private equity firm has raised $1.28 million to purchase minority stakes in a total of 12 to 15 firms.

With approximately $200 billion in assets, Dyal Capital seeks to acquire minority equity interests in institutional hedge fund firms around the world. Waterfall manages about $2.3 billion in assets.


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