Grosvenor To Buy Credit Suisse Private Equity Unit

Aug 2 2013 | 11:15am ET

Grosvenor Capital Management has clinched a deal for Credit Suisse's third-party private equity business.

The Swiss bank will sell its Customized Fund Investment Group to the fund of hedge funds, the two firms said yesterday. Terms of the deal were not disclosed, but the price is thought to be in excess of $200 million.

CFIG has some $20 billion in assets invested with outside private-equity managers and another $10 billion in commitments. The deal thus nearly doubles Grosvenor's assets under management, currently about $23 billion.

Earlier this year, Credit Suisse agreed to sell its private-equity secondaries platform, CS Strategic, to the Blackstone Group. The bank is also winding down its Asset Management Finance unit, which invests in hedge fund managers, to come into compliance with the new U.S. Volcker rule and to meet higher capital requirements.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...