Neuberger Berman’s Dyal Capital Partners Buys Stakes in Iconiq Capital and TowerBrook Capital Partners
Posted on 11/10/2020
Neuberger Berman’s Dyal Capital Partners acquired an approximate 6% stake in Iconiq Capital and a rough 10% stake TowerBrook Capital Partners. Dyal Capital Partners targets investments in asset management companies. Dyal Capital Partners recently invested in CrossHarbor Capital Partners and Veritas Capital. Dyal Capital Partners is in the midst of raising US$ 9 billion for its fifth fund.
Dyal Capital Partners competes against Goldman Sachs and the Blackstone Group, each having their own fund management investor businesses.
TowerBrook Capital Partners is a private equity firm that was once part of Soros Fund Management. TowerBrook Capital Partners sold a 10% firm stake in 2015 to an affiliate of Wafra Inc. Wafra is owned by the Public Institution for Social Security of Kuwait.
Iconiq Capital
Iconiq Capital was founded by former Goldman banker Divesh Makan and made its name as a multifamily office. Iconiq Capital manages wealth for people such as Twitter Inc.’s Jack Dorsey and LinkedIn co-founder Reid Hoffman, as well as Facebook Inc.’s Mark Zuckerberg and Sheryl Sandberg. Iconiq has moved from being a wealth management company to target institutional investors due to targeting key startups such as Epic Games Inc. and Snowflake Inc., which went public in September 2020. Canada Pension Plan Investment Board (CPPIB) had committed US$ 100 million to Iconiq Strategic Partners V, a late-stage venture capital and growth-focused technology fund.
