Credit Suisse, Grosvenor Near Deal For Private Equity Unit

Jul 31 2013 | 10:57am ET

Credit Suisse is poised to sell a second private-equity business, to fund of hedge fund Grosvenor Capital Management.

The bank is in advanced talks with the Chicago-based fund, The Wall Street Journal reports. A deal for Customized Fund Investment Group could be announced as soon as this week, although nothing has been finalized.

Grosvenor could pay as much as $200 million for the unit, which manages about $20 billion in assets invested in third-party p.e. funds. CFIG also has another $10 billion in commitments.

A deal would roughly double Grosvenor's size. The firm currently manages about $23 billion.

Credit Suisse announced plans to sell CFIG and a second p.e. unit, CS Strategic Partners, last year, moves designed to boost its capital and to come into compliance with new U.S. regulations limiting banks' hedge fund and private-equity activities. The bank in April agreed to sell CS Strategic, its private-equity secondaries platform, to the Blackstone Group.


In Depth

OmniQuest Capital: Why Funds of Hedge Funds Work

Aug 11 2016 | 4:47pm ET

There have been few sectors of the alternative investment universe under as much...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...