The acquisition of CFIG will enable the acquirer to establish a multi-asset alternatives platform with significant opportunities to deliver value for clients of both the companies.
With about $18bn of assets under management, CFIG manages 11 offices across the globe and delivers tailored private equity services.
Post-acquisition, the acquired enterprises will be rebranded as GCM Customized Fund Investment Group to focus on investment performance for its clients.
Grosvenor CEO Michael Sacks said, "It creates a strong and diversified multi-asset alternatives platform that can support institutional investors across a range of alternative investments."
Following completion of the transaction, the integrated firm will have more than $40bn in assets under management and 400 professionals across the globe, while CFIG will trade as a subsidiary keeping its existing headquarters in New York.
Goldman Sachs & Co and Evercore served as exclusive financial advisor to Grosvenor and the CFIG management team, respectively, while Credit Suisse’s investment bank acted as exclusive financial advisor to Credit Suisse’s private banking & wealth management division.
Simpson Thacher & Bartlett, Foley & Lardner and Sidley Austin were legal advisors to Grosvenor, while Skadden, Arps, Slate, Meagher & Flom offered legal advice to Credit Suisse.
