Blackstone has reached an agreement with Credit Suisse to acquire Strategic Partners, Credit Suisse’s dedicated secondary private equity business with $9 billion in assets under management. The transaction is expected to close by the end of the third quarter 2013. The sale of Strategic Partners is part of Credit Suisse’s strategic divestment plans that were announced last summer.
“We are thrilled that the people of Strategic Partners are joining Blackstone. Many of us here at Blackstone were once colleagues of the Strategic Partners team, and this gives us high confidence that it will be a seamless cultural fit here at the firm. Strategic Partners complements Blackstone’s existing businesses, and we expect to be able to grow its franchise and help it enter new product areas,” said Tony James, President and Chief Operating Officer of Blackstone.
Strategic Partners seeks capital appreciation through the purchase of secondary interests in private equity funds from investors seeking liquidity. Transaction sizes range from $250,000 to more than $1 billion. Founded in 2000, Strategic Partners has raised over $11 billion of capital commitments, completed over 700 transactions, and acquired over 1,400 underlying limited partnership interests. The firm’s team of 26 secondary investment professionals is headed by Stephen Can and Verdun Perry. For more information on Strategic Partners click HERE.
“Strategic Partners is a leader in the secondary private equity space. We are pleased to have reached this agreement and are confident that with Blackstone, Strategic Partners will continue to build on its excellent track record,” said Alastair Cairns, Co-Head of Credit Suisse’s Legacy Asset Management business.
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-23-13
