| NEW YORK
NEW YORK Dyal Capital Partners, the Neuberger Berman Group unit that takes minority stakes in hedge and private equity fund firms, has bought into credit investor Sound Point Capital LP, according to a person familiar with the situation.
The person, who requested anonymity because the information is private, said the passive ownership stake was equal to about 15 percent, but the dollar amount was unavailable.
News of the deal was reported earlier on Tuesday by The Wall Street Journal.
Stephen Ketchum, a former media and telecom investment banker, founded Sound Point in 2009. The New York-based firm manages more than $11.5 billion in assets, including a debt- focused hedge fund and collateralized loan obligations. It will use the Dyal money to grow, according to the person, including an investment in the Sound Point CLO Fund.
The $720 million Sound Point Credit Opportunities hedge fund has produced an average annual return of about 8.5 percent since inception in 2009 in its series B share class, according to fund performance information seen by Reuters.
Dyal, based in New York and led by Michael Rees, already had stakes in 20 firms from three private equity-style funds totaling nearly $9 billion in assets, according to its website. They include hedge fund managers Halcyon Capital Management, Jana Partners and Graham Capital Management, and private equity operators Providence Equity, Starwood Capital Group and Vista Equity Partners.
A spokesman for Dyal and Neuberger Berman declined to comment.
(Reporting by Lawrence Delevingne; Editing by Dan Grebler)