Saturday, 28 November 2015
Last updated 1 day ago
Apr 23 2013 | 1:25pm ET
The Blackstone Group has struck a deal for Credit Suisse's private-equity secondaries platform.
The alternative investments giant will acquire CS Strategic Partners for an undisclosed sum, the two firms said yesterday. The deal is expected to close by the end of the third quarter.
Credit Suisse is selling the private equity business to comply with the U.S. Volcker rule, which strictly limits banks' participation in the p.e. and hedge fund industries. The bank sent out marketing materials about the business late last year.
CS Strategic is among the leading p.e. secondaries platform, with $9 billion in assets under management. The unit closed its fifth fund with $2.9 billion last year, and has raised more than $11 billion since it was formed in 2000.
CS Strategic has 26 employees, including leaders Stephen Can and Verdun Perry.
"We are thrilled that the people of Strategic Partners are joining Blackstone," President Hamilton James said. "May of us here at Blackstone were once colleagues of the Strategic Partners team, and this gives us high confidence that it will be a seamless cultural fit here at the firm. Strategic Partners complements Blackstone's existing businesses, and we expect to be able to grow its franchise and help it enter new product areas.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…