Neuberger’s Dyal Said to Buy Minority Stake in CrossHarbor
(Bloomberg) -- Neuberger Berman's Dyal Capital Partners bought a passive minority stake in CrossHarbor Capital Partners, according to people with knowledge of the matter.
The transaction closed in recent days and CrossHarbor has begun notifying its fund investors, said some of the people, who requested anonymity because the deal isn't yet public.
Neuberger spokesman Alex Samuelson and a CrossHarbor spokesperson declined to comment.
Founded in 1993 by Samuel T. Byrne and William Kremer, Boston-based CrossHarbor is focused on U.S. commercial real estate. It has about $5.9 billion in assets under management and has invested in equity, preferred equity, mezzanine loans and senior loans.
CrossHarbor, which also has offices in Chicago and Los Angeles, invests in standalone properties, portfolios of real estate and operating companies, its website shows. It has made bets in office, industrial, retail, residential, hotel and mixed-use properties, as well as land itself.
Read more: Neuberger's Dyal seeks $9 billion for fund to buy manager stakes
Asset managers have increasingly leaned on stake sales as aging founders seek to pare back their ownership. The transactions also provide firms with fresh capital to invest in future funds or new strategies, which can involve significant hiring.
©2020 Bloomberg L.P.
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