Grosvenor Capital Management has agreed to acquire Credit Suisse’s private equity business Customized Fund Investment Group (CFIG).
A Wall Street Journal report claims that the deal is valued at more than US$200 million.
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CFIG is one of the largest providers of customized private equity solutions globally with approximately US$18 billion of assets under management and 11 offices around the world.
Following the completion of the transaction, CFIG will be renamed the GCM Customized Fund Investment Group.
"This transaction makes each firm a more valuable partner for existing clients," said Michael Sacks, CEO of Grosvenor. "It creates a strong and diversified multi-asset alternatives platform that can support institutional investors across a range of alternative investments."
Robert Shafir, head of private banking & wealth management at Credit Suisse, said: "It was a priority for Credit Suisse that CFIG find a partner that ensures continuity for both clients and employees."
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By GlobalDataThe combined firm will have over US$40 billion in assets under management and 400 professionals across the globe. CFIG will operate as a subsidiary of Grosvenor and maintain its New York headquarters.
The sale is part of Credit Suisse’s strategic divestment plans announced on 18 July 2012.
