Blackstone Group is buying Credit Suisse’s $9 billion private equity business that invests on the secondary market, according to a joint news release.
Terms of the deal were not disclosed. The sale of the unit, known as Strategic Partners, is expected to close in the third quarter.
Katherine Herring, Credit Suisse spokeswoman, declined to comment beyond the contents of the release. The sale is part of Credit Suisse’s strategic divestment plans that were announced on July 18, 2012.
Credit Suisse still plans to divest its private equity customized fund investing group.
“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,” said Hamilton “Tony” James, Blackstone’s president and chief operating officer, in the news release. Mr. James was chairman of global investment banking and private equity at Credit Suisse before he joined Blackstone in 2002.
Strategic Partners’ team of 26 secondary investment professionals, headed by Stephen Can and Verdun Perry, will be joining Blackstone.
Oriane Schwartzman, Blackstone spokeswoman, also declined to disclose the terms of the transaction. This will be Blackstone’s first dedicated private equity secondary business.