Dyal Capital Partners has acquired a passive minority interest in Scopia Fund Management from members of the management team.
Based in New York, Scopia is an alternative asset management firm with approximately USD3.4bn of assets in long/short equity strategies.
Under the terms of the transaction, Scopia will retain complete control over its management, operations and investment process. It will continue to be led by Matt Sirovich and Jeremy Mindich, managing partners and co-portfolio managers, and the rest of the existing management team. Following the transaction, Scopia’s equity will be owned solely by the management team and Dyal.
Sirovich says: "We believe this transaction further aligns us with our clients as 100 per cent of the after-tax net proceeds are being reinvested into our funds. We are confident this deal further strengthens Scopia as we continue our second decade of asset management."
"We are proud to be partnering with Scopia," says Michael Rees, senior portfolio manager for Dyal Capital Partners. "We are excited by the opportunity to engage with Scopia to help reinforce its already strong standing in the investment community."
The terms of the transaction were not disclosed. Scopia was advised by Schulte Roth & Zabel and Barclays Capital. Dyal was advised by Fried, Frank, Harris, Shriver & Jacobson.
