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Dyal Capital, PE Fund Buying Hedge Firm Stakes, Tops Target

In 2010, Neuberger Berman, the big money manager spun out from the now-bankrupt Lehman Brothers, took a big gamble when it launched a new type of fund that would blur the lines between private equity and hedge funds by purchasing minority stakes in high performing hedge fund managers. More than two years later, the verdict is in…

Carlyle To Buy 55% of Claren Road

The Carlyle Group, a PE firm, has agreed to buy a 55% stake in Claren Road. Financial terms weren’t announced but Claren Road will get cash, ownership interest in Carlyle and performance-based contingent payments. Claren, a long-short credit hedge fund with $4.5 billion AUM, will reinvest nearly all of the cash proceeds back into Claren Road funds. Citigroup, which seeded Claren Road in 2006, and Goldman Sachs Petershill Fund, which bought a minority stake in 2008, are both selling as part of the deal. The transaction is expected to close by year end.

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