Blackstone To Buy Credit Suisse Secondaries Business

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.”


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.