Dyal Capital Partners, a unit of Neuberger Berman Group, has acquired a minority stake in New York-based alternative asset management firm Sound Point Capital for an undisclosed sum.
Under the arrangement, Dyal bought a passive non-voting minority interest in Sound Point.
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Founded in 2009 by Stephen Ketchum, Sound Point currently manages over $11.5bn in assets. The firm focuses on liquid and illiquid credit strategies such as leveraged loans, collateralized loan obligations, long/short credit opportunities and distressed credit.
“This is a significant event for our firm, and having access to Dyal’s global resources and permanent capital will enable us to take Sound Point’s market-leading credit investing platform to the next level,” Ketchum said.
Proceeds from the deal will be used to fund growth in Sound Point’s core businesses, including an investment in the Sound Point CLO Fund. Employees of Sound Point will not sell any of their interests as part of the deal, while the daily operations of the firm will remain unchanged.
Dyal Capital Partners head Michael Rees said: "We are thrilled to partner with Stephen Ketchum and the Sound Point team as they continue to build one of the leading alternative asset management firms focused on the credit markets. Sound Point has a diversified business model with a truly impressive track record of both investment performance and asset growth."
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