DWS Group has transferred its private equity secondaries business to Brookfield Asset Management.
The transaction closed Monday and received all regulatory approvals, according to a news release Tuesday.
Terms of the deal were not disclosed.
Stefan Hoops, CEO at DWS, said in the news release that "alternatives remains a priority growth area for DWS, and this transaction allows us to focus on and fund new initiatives in our key areas of strength, including our strong real assets franchise and growing private debt business."
DWS said in the release that Brookfield was chosen because of its "global private equity platform with $121 billion in assets under management, making it a good fit to invest and grow the business moving forward."
DWS' private equity secondaries business was started in 2017 with a focus on "midlife opportunities in existing sponsor-backed companies to support further organic growth, add-on and M&A activities, including select continuation capital and co-investment opportunities," the release said.
DWS had €833 billion ($810.6 billion) in total assets under management as of Sept. 30.
A DWS spokesman would not comment on the asset size of the business. Brookfield officials also would not comment.
