Blackstone has signed an agreement with Credit Suisse to acquire its Strategic Partners business.
Credit Suisse’s secondary private equity business has $9 billion in assets under management. The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter 2013.
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Tony James, president and chief operating officer of Blackstone, said the partership will assist Blackstone in growing its franchise and entering new product areas.
"We are thrilled that the people of Strategic Partners are joining Blackstone. Many of us here at Blackstone were once colleagues of the Strategic Partners team, and this gives us high confidence that it will be a seamless cultural fit here at the firm."
Strategic Partners seeks capital appreciation through the purchase of secondary interests in high quality private equity funds from investors seeking liquidity on a fair, timely and confidential basis. It has raised over US$11 billion of capital commitments, completed over 700 transactions, and acquired over 1,400 underlying limited partnership interests. Its performance has been top quartile among its peers, since its induction in 2000.
Strategic Partners’ team of twenty-six dedicated secondary investment professionals is headed by Stephen Can and Verdun Perry.
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By GlobalDataThe terms of the deal Blackstone-Strategic partners deal were not disclosed.
