Index: cmake/modules/AddLLVM.cmake
===================================================================
--- cmake/modules/AddLLVM.cmake
+++ cmake/modules/AddLLVM.cmake
@@ -555,7 +555,8 @@
   elseif(ARG_BUILDTREE_ONLY)
     set_property(GLOBAL APPEND PROPERTY LLVM_EXPORTS_BUILDTREE_ONLY ${name})
   else()
-    if (NOT LLVM_INSTALL_TOOLCHAIN_ONLY OR ${name} STREQUAL "LTO")
+    if (NOT LLVM_INSTALL_TOOLCHAIN_ONLY OR ${name} STREQUAL "LTO" OR
+        (LLVM_LINK_LLVM_DYLIB AND ${name} STREQUAL "LLVM"))
       set(install_dir lib${LLVM_LIBDIR_SUFFIX})
       if(ARG_SHARED OR BUILD_SHARED_LIBS)
         if(WIN32 OR CYGWIN OR MINGW)