Blackstone in Swiss purchase

Tim Wallace
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INVESTMENT giant Blackstone last night bought Credit Suisse’s secondary private equity arm Strategic Partners for an undisclosed sum.

The unit has more than $9bn (£5.9bn) under management and is being sold as part of the bank’s reorganisation. It joins the bank’s exchange traded funds which was sold in January.

Strategic Partners was launched in 2000 and has 26 staff. The deal will be completed at the end of the third quarter.