Dyal, Petershill Are Said to Team Up to Take Stake in Clearlake

(Bloomberg) -- The two largest competitors dedicated to buying stakes in alternative-asset managers are teaming up for the first time to acquire part of Clearlake Capital Group, according to people familiar with the matter.

Neuberger Berman Group’s Dyal Capital Partners and Goldman Sachs Group Inc.’s Petershill unit are nearing a deal to co-invest in a minority holding in Santa Monica-based Clearlake, said the people, who asked not to be identified as the details aren’t public. The investment will be use to fund growth at Clearlake, one of the people said. The exact size of the stake and the price paid couldn’t be learned.

While a deal is close, no final agreement has been reached and plans may still change, they said.

Representatives for Clearlake and Petershill declined to comment. A spokeswoman for Dyal wasn’t immediately available to comment.

Dyal and Petershill have raised multibillion-dollar funds to acquire stakes in private equity and hedge fund firms. The additional liquidity helps managers looking to seed new businesses, increase commitments to their funds and turn partnership interests into cash for aging founders. The deals are becoming more varied as the practice becomes more commonplace, with firms buying interests in a division of a manager -- Dyal’s purchase of TPG’s credit affiliate, for example -- or looking at asset managers overseas.

A deal for Clearlake would be the first time two of these players split a minority stake.

Clearlake has raised five main buyout funds and managed about $7 billion of assets since it was founded in 2006. It’s latest -- and largest -- pool closed on $3.6 billion in March. The firm, led by managing partners Jose E. Feliciano and Behdad Eghbali, has investments in bath maker Jacuzzi and jerky manufacturer Chef’s Cut, according to its website.

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