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."


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