London and New York, October 7, 2015 — Chenavari Investment Managers (“Chenavari”) and Dyal Capital Partners (“Dyal”) announced today that Dyal has acquired a passive minority interest in the controlling company of Chenavari.
Chenavari is a diversified alternative asset management group focused on credit, structured finance, real estate, and private debt strategies, with approximately $5.4 billion of assets under management as of September 1, 2015. Dyal is a private equity business within Neuberger Berman, a private, independent, employee-owned investment manager with $251 billion in client assets.
Chenavari will continue to be led by Loïc Fery, 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.
Mr. Fery said: “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,” Michael Rees, Managing Director of Dyal Capital Partners, said. “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 were not disclosed.
Chenavari is a group of alternative investment management companies focused on a broad range of credit, structured finance, real estate, and private debt strategies across the liquidity spectrum. With over 100 professionals in offices in Luxembourg, London, Hong Kong, and New York, Chenavari manages approximately $5.4 billion, as of September 1, 2015. Chenavari was advised by Fenchurch for the Dyal transaction.