Grosvenor Capital Management, one of the world's largest discretionary allocators to hedge funds, is to acquire the Customized Fund Investment Group (CFIG), a private equity, infrastructure and real estate investment management company, from Credit Suisse Group.
CFIG is one of the largest providers of customised private equity solutions globally with approximately USD18bn 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," says Michael Sacks (pictured), 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 customised 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," says 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," says Robert Shafir, head of private banking and 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 USD40bn in assets under management and 400 professionals across the globe. CFIG will operate as a subsidiary of Grosvenor and maintain its New York headquarters.