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Money Management

Dyal takes stake in Cerberus’ middle-market lending unit

Specialist private equity manager Dyal Capital Partners has taken a passive non-voting minority stake in Cerberus Business Finance, the middle-market lending platform of Cerberus Capital Management, CBF announced in a news release Tuesday.

The investment in CBF is from Dyal Capital Partners III. The size of the stake and additional terms of the deal were not disclosed. Dyal's minority stakes are typically between 10% and 20%.

There will be no changes to CBF's day-to-day management, operations, investments or decision-making processes as a result of the transaction. A CBF spokesman declined to comment beyond the release.

CBF manages roughly $14 billion dedicated to its middle-market direct lending business.

Dyal Capital Partners, a division of Neuberger Berman Group, focuses on acquiring minority equity in alternative money managers. It currently has 26 minority partnerships.