From: Institutional Investor Daily <████████████████████████████████████████>
Sent: Tuesday, July 17, 2012 3:04 PM
To: █████████████████████████
Subject: Dyal Capital Takes Another Stake in Hedge Fund Industry

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<http://ems.euromoney.com/ems/r.asp?cIndex=686368&=Index=1273757610&hurl=http%3A//www.institutionalinvestor.com> =!-- Newsletter Title -->Institutional Investor Daily Tuesday,=nbsp;July 17, 2012
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<http://=projectsline.com/iimag/images/x.gif> </=R> On InstitutionalInvestor.com today:
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href="http://ems.=uromoney.com/ems/r.asp?cIndex=686368&mIndex=1273757610&hurl=htt=%3A//www.institutionali nvestor.com/Article/3061513/Dyal-Capital-Takes-A=other-Stake-in-Hedge-Fund-Industry.html">Dyal Capital Takes Another Sta=e in Hedge Fund Industry

Neuberger Berman priva=e equity fund buys equity stake in David Steinberg's Mast Capital, its se=ond hedge fund investment since launching late last year.

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href="http://ems.=uromoney.com/ems/r.asp?cIndex=686368&mIndex=1273757610&hurl=htt=%3A//www.institutionali
nvestor.com/Article/3061540/Following-the-Smart-=oney-Was-Stupid-in-the-Second-Quarter.html">Following the
Smart Money W=s Stupid in the Second Quarter

It wasn't a good idea =o simply follow the investments of hedge fund managers based on their 13F f=lings from the previous quarter.

Read the full story at institutionalinvestor.com.
<http://ems.euromoney.com/ems/r.asp?cIndex==86368&mIndex=1273757610&hurl=http%3A//www.institutionalinves
tor.com=Article/3061540/Following-the-Smart-Money-Was-Stupid-in-the-Second-Quarter.=tml>
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href="http://ems.:=uromoney.com/ems/r.asp?cIndex=686368&mIndex=1273757610&hurl=htt=%3A//www.institutionali
nvestor.com/Article/3060203/More-Evidence-That-B=g-Hedge-Funds-Rule.html">More Evidence That Big Hedge Funds
Rule<=H4>

New studies confirm ri=ing institutional investor interest in big hedge funds and shift away from =unds-of-funds.

Read the full story at ins=itutionalinvestor.com. <http://projectsline.com/iimag/images=x.gif>
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