TRANSACTION SUMMARY

On 12 December 2011, Dyal Capital Partners announced the acquisition of a passive minority interest in Paris-based, Capital Fund Management (CFM). The stake was acquired from the estate of the firm’s founder Jean-Pierre Aguilar, who died in July 2009. CFM’s management have purchased the remainder of the estate’s stake and will be the majority shareholders after the transaction. CFM retained autonomy over its management, operations and investment strategies, and will continue to be led by the existing senior management team. The terms of the transaction were not disclosed.

DYAL CAPITAL PARTNERS

Dyal Capital Partners is a US$1bn private equity fund established by Neuberger Berman. It focuses on taking minority equity interests in institutional hedge fund companies worldwide. The private equity fund seeks to take advantage of the on-going consolidation in the industry.

NEUBERGER BERMAN

Established in 1939, Neuberger Berman is one of the world’s leading independent and employee-controlled asset management companies, managing approximately US$183bn in assets (30 September 2011), including US$81bn in equities, US$85bn in fixed income, and US$17bn in alternatives. Neuberger Berman provides a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products.

CAPITAL FUND MANAGEMENT

CFM was founded in 1991 and specializes in quantitative trading strategies. The firm managed in excess of US$5bn through two funds; Stratus (directional trading, volatility arbitrage and equity statistical arbitrage) and Discus (a managed futures programme). CFM has offices in Paris, New York and Tokyo.

ROLE

SHP acted as financial adviser to Dyal Capital Partners.