Grosvenor Capital Management has completed its buy of the Customized Fund Investment Group from Credit Suisse Group. Financial terms weren’t announced. CFIG provides customized private equity solutions globally with approximately $18 billion of assets under management and 11 offices around the world. The sale was announced in August.
CHICAGO, Jan. 2, 2014 /PRNewswire/ – Grosvenor Capital Management, L.P. and its affiliates (together, “Grosvenor” or the “Firm”), one of the world’s largest discretionary allocators to hedge funds, today announced the successful completion of the previously announced acquisition of the Customized Fund Investment Group (“CFIG”), a leading global private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG (“Credit Suisse”) (NYSE: CS). The combined business, with more than $44 billion in assets under management and over 375 professionals, will be one of the largest of its kind in the world.
“We are very pleased to complete our acquisition of CFIG. We are confident that the transaction fundamentally strengthens our platform and makes us a more valuable partner for our clients,” said Michael Sacks, chief executive officer of Grosvenor. “Together, we will offer clients the ability to access the entire alternative investments landscape. And importantly, our core values are aligned with CFIG’s. Both groups focus on investment performance, customized solutions that meet the unique needs of a global investor base, and comprehensive, transparent client service.”
“The CFIG team is thrilled to join Grosvenor, with its industry-leading investment capabilities, experienced management team and strong commitment to clients,” said Kelly Williams, formerly managing director and group head of CFIG, who will serve as president of GCM Customized Fund Investment Group (or “GCM CFIG”) and report to Michael Sacks. “Our clients will have access to a broad range of alternative investment products and solutions, supported by Grosvenor’s best-in-class operational infrastructure. We are excited about becoming part of the Grosvenor culture, which is team-oriented and always puts the needs of clients first.”
GCM CFIG will be a subsidiary of Grosvenor and will operate as Grosvenor’s private markets business alongside Grosvenor’s existing public markets hedge fund business. The entire GCM CFIG management team will join Grosvenor and the business will maintain its primary office in New York.
About Grosvenor Capital Management Grosvenor is one of the world’s largest and most diversified independent alternative asset management firms, with over $44 billionin assets under management. The Firm offers comprehensive public and private markets solutions through its two alternatives groups, providing clients with a broad suite of investment and advisory choices that span hedge funds, private equity, infrastructure and real estate. Grosvenor specializes in developing customized investment programs tailored to meet the unique objectives of each client. Grosvenor also manages commingled investment products with specialty exposures and structures.
Grosvenor has been managing alternative investment portfolios on behalf of clients since 1971. Its global client base is primarily institutional and includes public pensions, sovereign wealth entities, banks, corporations, insurance companies, charitable organizations and endowments. Grosvenor has 6 global offices and multiple regional offices staffed by over 375 professionals.
Grosvenor’s public markets solutions group provides hedge fund investment management and advisory services to clients worldwide. With over $24 billion in assets under management in commingled and customized investment programs, it is one of the world’s leading discretionary allocators to hedge funds.
Grosvenor’s private markets solutions group, GCM Customized Fund Investment Group, invests client assets in primary fund investments, secondary fund investments and co-investments across the private equity, infrastructure and real estate sub-asset classes. It is one of the largest private markets fund investment and co-investment managers globally, with approximately $20 billion in assets under management.
Additional information about Grosvenor is available at www.gcmlp.com.