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Dyal Capital Partners to take minority stake in TSSP

Dyal Capital Partners, a specialist private equity manager, will take a passive minority ownership stake in TSSP, a global credit and credit-related investment firm.

Proceeds from the transaction will be used to expand TSSP’s investment platform capabilities and to invest more company money in its funds, a joint news release said.

TSSP was founded in 2009 by its management team and TPG Holdings, a diversified alternative investment management company, and manages about $20 billion.

Alexander Samuelson, a spokesman for Neuberger Berman, Dyal Capital Partners’ parent company, declined to comment on the terms of the transaction.

The investment in TSSP is from Dyal Capital Partners III, which like its predecessor funds, makes passive, non-voting minority ownership investments in alternative investment managers. Dyal Capital funds typically take a 20% stake in the companies in its fund portfolios.

“This partnership will broaden both our network and our resources available to pursue the strategic initiatives of our business with the goal of continuously sourcing new credit and credit-related investment opportunities. It will also further strengthen our alignment of interest with our limited partners,” said Alan Waxman, TSSP’s co-founder, chief investment officer and managing partner, in the news release.

“We are excited to partner with TSSP, which in our opinion is going to continue to be one of the leaders in the credit space for many years to come. TSSP’s long-term oriented, highly flexible capital base that allows it to selectively invest across industries, geographies, capital structures and asset classes sets it apart,” said Michael Rees, head of Dyal Capital, in the release.