Dyal Capital Partners announced Thursday that it acquired a minority stake in long/short equity hedge fund manager Scopia Fund Management.
Scopia manages $3.4 billion and will continue to operate independently under its own name, led by Matthew I. Sirovich and Jeremy Mindich, managing partners and co-portfolio managers.
Alexander Samuelson, a Dyal spokesman, said terms of the deal are not being disclosed and declined to comment further.
Dyal Capital Partners is an institutionally oriented, $1.28 billion private equity fund managed by Neuberger Berman Group that takes 20% passive stakes in hedge fund managers. Scopia is the fourth hedge fund investment from Dyal's portfolio; the three others were in Capital Fund Management, MAST Capital Management and Pinnacle Asset Management.
“We believe this transaction further aligns us with our clients as 100% of the after-tax net proceeds are being reinvested into our funds. We are confident this deal further strengthens Scopia as we continue our second decade of asset management,” said Mr. Sirovich, in a news release from both firms.