Dyal Capital Partners is buying a minority interest in Waterfall Asset Management from M.D. Sass-Macquarie Financial Strategies.

Waterfall is a New York-based alternative investment firm with $2.3 billion in assets under management. The firm specializes in high-yield asset-backed securities and loan investments. Terms of the deal were not disclosed.

Dyal is a private equity fund managed by New York-based Neuberger Berman Group LLC. The fund focuses on acquiring minority equity interests in hedge fund companies.

M.D. Sass-Macquarie, headquartered in New York, is a private equity fund that makes control investments in hedge funds, private equity funds and other investments firms. 

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