Dyal Capital Partners has acquired a passive minority interest in the controlling company of Chenavari Investment Managers diversified alternative asset manager focused on credit, structured finance, real estate and private debt strategies.
Chenavari had approximately USD5.4 billion of assets under management as of 1 September, 2015.
Dyal is a private equity business within Neuberger Berman, a private, independent, employee-owned investment manager with USD251 billion in client assets.
Chenavari will continue to be led by Loïc Fery (pictured), CEO & Co-CIO, and Frederic Couderc, Co-CIO. They will retain complete control over the firm’s operations and investment process. Dyal’s strategic minority interest will be passive with no oversight into Chenavari’s governance. The vast majority of Chenavari’s economic interests remain in the hands of Chenavari’s existing shareholders.
Fery says: “We anticipate that this strategic relationship with the Dyal team will strengthen Chenavari’s ability to provide institutional investors with leading investment solutions across tradable credit, structured finance and private debt.”
“We are thrilled to be partnering with such an experienced team, who have for years been industry leaders,” says Michael Rees, Managing Director of Dyal Capital Partners. “Chenavari is in our opinion very well positioned to benefit from the opportunity set related to European banks’ deleveraging, around investment strategies in credit and private debt markets. We look forward to a long-term relationship of continued success.”
The terms of the transaction have not been disclosed.
