Chicago/New York - Grosvenor Capital Management, a discretionary allocator to hedge funds, has agreed to acquire the Customized Fund Investment Group (CFIG), a private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG.
CFIG is a provider of customized private equity solutions 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 CFIG team is thrilled to be joining Grosvenor, one of the most respected names in alternative investing," said Kelly Williams, Managing Director and group head of CFIG. "What excites us most about this transaction is that it provides our clients the opportunity to work with us more broadly across the entire alternatives landscape, while maintaining the independent investment processes they value from both firms."
"We are pleased to reach this agreement with Grosvenor; it is a great outcome for CFIG clients and employees as well as Credit Suisse and its shareholders," said Robert Shafir, Head of Private Banking & Wealth Management at Credit Suisse. "It was a priority for Credit Suisse that CFIG find a partner that ensures continuity for both clients and employees."
The combined firm will have over $40 billion in assets under management and will employ 400 professionals. 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.