Getty ImagesDyal Capital Partners, a division of US investment management firm Neuberger Berman, is assembling a fund to buy minority stakes in National Basketball Association (NBA) franchises, according to Bloomberg. The industry outlet reports that Dyal will work in partnership with the North American basketball league to acquire interests in its teams, although precisely how much the firm is attempting to raise has not been disclosed. Bloomberg added that Dyal, which claims to have US$23 billion in assets and has stakes in private equity firms such as Silver Lake, H. I. G Capital and Vista Equity Partners, plans to hire ‘sports investing professionals’ to support the process. Private equity in the major leagues: Is the old boys’ club opening up?Michael Rees, a managing director and head of Dyal, told Bloomberg: “While we can’t comment on any particular investment vehicles, we are truly thrilled to have been selected by the NBA.
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