Neuberger Berman Group unit Dyal Capital Partners has raised $5.3 billion for Dyal Capital Partners III fund, exceeding its target of $2.5 billion to $3 billion.

The fund will buy minority stakes in alternative assets managers, Bloomberg News reported, citing "a person familiar with the matter." It is structured as an evergreen pool with no formal end date for existing investments.

Dyal used some of the raised capital to buy stakes in Vista Equity Partners, EnCap Investments LP, Silver Lake Management, HIG Capital, Starwood Capital Group and KPS Capital Partners LP, the news outlet reported.

Investors include New York State Common Retirement Fund, New Jersey, State Teachers Retirement System of Ohio, Alaska Permanent Fund Corp. and several corporate pensions, according to the report. Investors will receive ongoing fee income from the underlying asset managers and may be allowed to exit by selling shares in Dyal's portfolio to the public.