Great outcome for Dyal and Navigator on alternative asset manager deal

Clarendon Lawyers is pleased to have advised Dyal Capital Partners (Dyal) on the sale of minority ownership interests in six leading established alternative asset managers managed by Dyal (the Portfolio) to Navigator Global Investments Limited (ASX:NGI) (Navigator). The parties entered into a binding agreement in August 2020 and the transaction completed on 1 February 2021.

 The Portfolio consists of minority interests in Bardin Hill Investment Partners, Capstone Investment Advisors, CFM, MKP Capital Management, Pinnacle Asset Management and Waterfall Asset Management. These firms collectively manage over $35 billion of assets.

 In consideration for the Portfolio, Navigator issued the Dyal funds with a 40% economic interest in Navigator through the issue of ordinary shares and convertible notes. Dyal, a division of Neuberger Berman, has established itself firmly as a pre-eminent partner to alternative asset managers globally. The acquisition of the Portfolio is an important development in Navigator’s growth, which, together with Dyal’s expertise, is sure to make this new partnership a fruitful one.

The Clarendons team led by Managing Director, Tony Symons and assisted by Associate, Zara Treacy enjoyed delivering a great outcome for Dyal and Navigator. Tony congratulated Dyal on the successful transaction: “We were very pleased to assist Dyal with this sale. The transaction marks an exciting opportunity for Dyal and Navigator to further grow the portfolio firms, and we look forward to watching their success in 2021 and beyond.” 

UBS acted as financial advisor and, Sidley Austin LLP and Clayton Utz acted as legal advisors to Navigator. Fried, Frank, Harris, Shriver & Jacobson LLP also acted as legal advisors to Dyal. 

This transaction continues Clarendons long-standing relationship with Fried, Frank, Harris, Shriver & Jacobson LLP in the support of their clients in Australia.