Credit Suisse Puts Two Private Equity Units Up For Sale

Jul 19 2012 | 11:49am ET

Credit Suisse said it will sell a pair of private equity businesses with "limited synergies" with its other asset-management properties.

The bank told investors that the U.S.'s impending Volcker rule, which will strictly limit the amount that banks can invest in alternative investment funds, contributed to its decision. But it also dovetails with the firm's effort to increase its capital by €15.3 billion, spurred by a negative report by the Swiss National Bank.

The two units on the block are the Customized Fund Investment Group and its secondaries business, Strategic Partners. Both are based in the U.S. The former is led by Kelly Williams and has raised about US$25 billion, while the latter is headed by Stephen Can and recently closed its fifth fund with US$2.9 billion. Strategic Partners has raised about US$11 billion in the past dozen years.

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