Dyal Capital Partners, a subsidiary of Neuberger Berman, closed Dyal Capital Partners IV with $9 billion in capital commitments, more than $3.5 billion above the fund's original cap, spokesman Alexander Samuelson confirmed in an email.
The fund acquires minority investments in alternative money managers.
To date, roughly 64% of the private equity fund's capital has invested in 10 firms: H.I.G. Capital, Clearlake Capital Group, HPS Investment Partners, Golub Capital, Bridgepoint, American Securities, HGGC, I Squared Capital, Arcmont Asset Management and Owl Rock Capital Partners. The goal with fund IV is to invest in about 15 private equity firms.
Investors in the fund include the Minnesota State Board of Investment, St. Paul, which oversees $139.6 billion in state assets, including $108 billion in defined benefit plan assets.
The previous fund in the series, Dyal Capital Partners III, closed in early 2017 with roughly $5.3 billion in capital commitments.