Mergers & Acquisitions / Joint Ventures

Neuberger fund Dyal buys stake in Paris-based quant group CFM


Dyal Capital Partners, a private equity fund managed by New York-based investment management group Neuberger Berman, has bought a passive minority interest in Capital Fund Management SA (CFM) – the long-running $5 billion Paris-based quantitative hedge fund group.

Dyal is acquiring its interest from the estate of CFM’s founder, Jean-Pierre Aguilar – who died in a flying accident in 2009. The rest of Aguilar’s interest has been purchased by CFM’s senior management team, who will maintain majority ownership of the firm.

Under the terms of the transaction, the firm’s governance structures will remain unchanged. “CFM will retain complete