Grosvenor Capital Management, allocators to hedge funds, announced on Thursday an agreement to acquire the Customized Fund Investment Group ("CFIG"), a leading global private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG .
CFIG is one of the largest providers of customized private equity solutions globally with approximately $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. Terms of the transaction were not disclosed.
"This transaction makes each firm a more valuable partner for existing clients," said Michael Sacks, chief executive officer of Grosvenor. "It creates a strong and diversified multi-asset alternatives platform that can support institutional investors across a range of alternative investments. The CFIG team is made up of highly talented and experienced investors who share our core values including an intense focus on investment performance, their clients and on customized solutions. We are looking forward to joining forces with them."
The combined firm will have over $40 billion in assets under management and 400 professionals across the globe. CFIG's management team is committed to making this transaction a success – all senior members of management will join the combined firm and have signed long-term commitments to remain with the combined firm. 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 July 18, 2012.