Dyal Capital Partners Acquires Minority Interest in Scopia Fund
January 3, 2013
Dyal: Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com
Scopia Media: Jonathan Gasthalter / Pamela Blum, Sard Verbinnen & Co, (212) 687-8080
New York, January 3, 2013 – Scopia Fund Management LLC ("Scopia") and Dyal Capital Partners ("Dyal") announced today that Dyal has acquired a passive minority interest in Scopia from members of the management team. Based in New York, Scopia is an alternative asset management firm with approximately $3.4 billion of assets in long/short equity strategies.
Under the terms of the transaction, Scopia will retain complete control over its management, operations and investment process. It will continue to be led by Matt Sirovich and Jeremy Mindich, Managing Partners and Co-Portfolio Managers, and the rest of the existing management team. Following the transaction, Scopia’s equity will be owned solely by the management team and Dyal.
Matt Sirovich said: "We believe this transaction further aligns us with our clients as 100% of the after-tax net proceeds are being reinvested into our funds. We are confident this deal further strengthens Scopia as we continue our second decade of asset management." Jeremy Mindich added, "Dyal is an excellent strategic partner and we are thrilled to have them as investors."
"We are proud to be partnering with Scopia," said Michael Rees, Senior Portfolio Manager for Dyal Capital Partners. "We are excited by the opportunity to engage with Scopia to help reinforce its already strong standing in the investment community."
The terms of the transaction were not disclosed. Scopia was advised by Schulte Roth & Zabel LLP and Barclays Capital Inc. Dyal was advised by Fried, Frank, Harris, Shriver & Jacobson LLP.
Scopia Fund Management LLC is a New York-based Registered Investment Advisor with the Securities and Exchange Commission that manages approximately $3.4 billion of assets. The firm was founded in 2001.
Dyal Capital Partners, a private equity fund managed by Neuberger Berman Group LLC, seeks to acquire minority equity interests in institutional hedge fund companies worldwide.