Financial terms of the transaction have not been disclosed.
Pending receipt of concerned regulatory approvals as well as satisfying other customary closing conditions, the transaction is likely to conclude by the end of the third quarter of 2013.
Blackstone president and chief operating officer Tony James said that the acquisition will boost the company’s confidence in the financial market and also assist in growing its franchise and enter new product areas.
Disposal of the private equity business is part of Credit Suisse’s strategic divestment plans that were announced on 18 July 2012.
Strategic Partners focuses on capital appreciation through the acquisition of secondary interests in high quality private equity funds from investors seeking liquidity on a fair, timely and confidential basis.
The company has raised more than $11bn of capital commitments, completed over 700 transactions, and acquired over 1,400 underlying limited partnership interests, since its launch in 2000.
BlackRock also inked an agreement to acquire Credit Suisse’s ETF business in January, which had AUM of CHF16bn ($17.1bn) as of 30 November 2012.
The company provides investment management, risk management and advisory services for institutional and retail clients worldwide and is a provider of exchange traded funds through its iShares franchise.
Headquartered in Zurich and trading in more than 50 nations across the globe, Credit Suisse provides an array of financial products and services through nearly 47,400 staff.
