Chicago-based hedge fund firm Grosvenor Capital Management officially announced that it has signed an agreement to purchase Credit Suisse’s private equity unit.
Following Grosvenor’s acquisition of Customized Fund Investment Group, the unit will be renamed the GCM Customized Fund Investment Group. Terms of the transaction were not disclosed.
All senior members of management of CFIG will join the combined firm and have signed long-term commitments to remain with the combined entity. CFIG will operate as a subsidiary of Grosvenor and maintain its New York headquarters.
The transaction will double Grosvenor’s assets under management to over $40 billion.
Founded in 1971, Chicago-based Grosvenor currently manages approximately $23 billion in assets across its offices in New York, Tokyo, Hong Kong and London. One of the largest providers of customized private equity solutions in the world, CFIG has $18 billion in AuM.