Dyal Capital Partners, a unit of Neuberger Berman Group, has agreed to acquire a minority stake in Atalaya Capital Management, a New York-based private credit and special opportunities alternative investment manager, for an undisclosed sum.
Atalaya, established in 2006, invests across three asset classes namely financial assets, real estate and corporate. The firm currently oversees over $2.5bn in assets.
Under the agreed terms of the deal, Dyal will become a passive, non-voting minority partner in the investment manager.
Atalaya intends to use the proceeds from the deal to bolster its balance sheet and improve its capabilities.
Dyal head Michael Rees said: “Atalaya is an impressive organization with a differentiated approach to sourcing and structuring credit-oriented investments. With Dyal’s permanent capital investment and our business platform resources, Atalaya will further enhance its business and market position.”
Atalaya founder and managing partner Ivan Zinn said: “This capital allows us to continue developing our business for the future and invest more in our funds, fostering greater alignment with our investors.”