Grosvenor Capital acquires Credit Suisse's PE FoF division

Following the transaction, CFIG will be renamed GCM Customised Fund Investment Group. As well as operating within the private equity industry, CFIG manages infrastructure and real estate investments.

The division, which operates from 11 offices, currently holds $18bn in assets under management. Once integrated with GCM, the combined entity will have more than $40bn in assets under management and a workforce of 400.

Financial details have not been disclosed by the parties involved. However, the Wall Street Journal cited sources as stating that the deal was in the range of $200m.

New York-headquartered CFIG will retain its base and will operate as a subsidiary of GCM. The division's senior management team will remain in their positions following the merger, having signed agreements stating they have committed to stay with the company on a long-term basis, according to GCM.

GCM is part-owned by US buyout firm Hellman & Friedman, which acquired a minority stake in 2007, via its Hellman & Friedman Capital Partners VI fund.

Goldman Sachs was appointed financial adviser to GCM for the acquisition of CFIG. Legal advisers to GCM were Simpson Thacher & Bartlett; Foley & Lardner; and Sidley Austin. Skadden Arps Slate Meagher & Flom was appointed legal adviser to Credit Suisse. Evercore acted as financial adviser to CFIG's management and Morgan Lewis & Bockius served as the team's legal adviser.

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• Topics
• LPs
• Credit Suisse
• United States