Wednesday, 17 September 2014
Last updated 9 hours ago
Jan 8 2014 | 10:43am ET
Grosvenor Capital Management began the new year twice as large as it ended the old.
The Chicago-based fund of hedge funds closed its purchase of Credit Suisse's Customized Fund Investment Group private-equity business. Terms of the August deal were not disclosed, but Grosvenor is thought to have paid more than $200 million.
CFIG was Credit Suisse's third-party private-equity business, investing some $20 billion with outside p.e. managers and with another $10 billion in commitments. The bank moved to sell it and other private-equity units to come into compliance with the new U.S. Volcker rule and to meet higher capital requirements.
Grosvenor, which had $23 billion in assets before the deal, now manages $44 billion.
"Together, we will offer clients the ability to access the entire alternative investments landscape," Grosvenor CEO Michael Sacks said. "And, importantly, our core values are aligned with CFIG's. Both groups focus on investment performance, customized solutions that meet the unique needs of a global investor base, and comprehensive, transparent client service."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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