Dyal Capital Partners, a subsidiary of Neuberger Berman, acquired a passive, non-voting minority stake in private equity firm HGGC, said Harv Barenz, HGGC partner, in an email.
The size of the stake and the amounted invested are not being disclosed. Dyal specializes in taking non-controlling minority stakes in alternative investment firms.
"Dyal's investment provides HGGC with balance sheet capital to continue to develop our strong platform while increasing commitments to our own funds and strengthening alignment with our limited partners," said Rich Lawson, HGGC chairman, CEO and co-founder, in a joint news release.
HGGC is a technology-focused middle-market private equity firm that has received $4.3 billion in cumulative commitments. HGGC closed its last fund, the $1.84 billion HGGC Fund III, in 2016. HGGC has $3.7 billion in assets under management, according to its latest ADV filing with the Securities and Exchange Commission. Dyal manages about $14.5 billion in assets.
