Dyal Capital Partners Seeks $2B For Minority Stakes In NBA Teams

Dyal Capital Partners, a unit of Neuberger Berman, is "seeking to raise" an initial $2B to buy up minority stakes in NBA teams, according to Luisa Beltran of BARRON'S. Dyal has begun "reaching out to investors and plans to hold a first close, when it expects to receive its first investment commitments, over the summer." The N.Y.-based firm "hopes to attract limited partners, or investors, such as wealthy family offices or sovereign-wealth funds that would be good long-term owners." The NBA in April selected Dyal to "form a fund to buy up minority stakes." Dyal Managing Dir Michael Rees said that he "doesn't think the virus will have any long-term effect on the NBA." He said COVID-19 does show "the insatiable appetite for sports and live entertainment" (BARRONS.com, 5/19).