Dyal Capital Partners and four institutional co-investors acquired a passive equity stake of about 10% in private equity manager Providence Equity Partners, confirmed two sources who spoke on condition of anonymity.
Terms of the transaction and names of the co-investors were not disclosed. The deal was complete in July. Providence Equity Partners has investments and commitments of $40 billion from an institutional client base. No changes are planned as a result of the deal and proceeds will be reinvested in the company and its funds, one of the sources said. Andrew Cole, a spokesman for Providence Equity Partners, declined to comment.
Dyal Capital Partners is an institutionally oriented, $1.28 billion private equity fund managed by Neuberger Berman Group that generally takes 20% passive stakes in alternative investment managers. Dyal currently is raising a second fund that will use the same strategy.Alexander Samuelson, a Neuberger Berman spokesman, also declined to comment.
