Grosvenor Closes Deal For Credit Suisse P.E. Biz

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."


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Provio Brings Anonymous Interviewing to Wall Street

Aug 12 2015 | 2:44pm ET

Taking a page from social networking and dating websites, a startup technology company...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note