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

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note