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Credit Suisse Group AG Sells Private Equity Unit To Blackstone Group LP-Reuters

Monday, 22 Apr 2013 07:14pm EDT 

Reuters reported that Credit Suisse Group AG has agreed to sell a private equity business to Blackstone Group LP, the latest move by an investment bank to sell a business with illiquid assets in order to appease regulators and bolster its balance sheet. Blackstone said it would buy Credit Suisse's secondary private equity business which buys and sells stakes in private equity funds and has $9 billion in assets under management. The deal price was not disclosed. The deal is expected to close by the end of the third quarter of 2013.