A unit of investment manager Neuberger Berman has purchased a minority stake in the credit business of Cerberus Capital Management LP, betting on a firm with a long history of lending to midsize companies. The deal signed Friday with Neuberger’s Dyal Capital Partners LP values Cerberus Business Finance at about $2 billion, according to people familiar with the matter. Cerberus Business Finance will use proceeds from the sale to fund operations, to partially buy out stakes held by its general partners and to reward several...

Source: Wall Street Journal December 24, 2017 22:41 UTC