Simpson Thacher is representing Blackstone in connection with its acquisition of Strategic Partners, Credit Suisse’s dedicated secondary private equity business with $9 billion in assets under management. The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter 2013. The terms of the deal were not disclosed.
Strategic Partners seeks capital appreciation through the purchase of secondary interests in high quality private equity funds from investors seeking liquidity on a fair, timely and confidential basis. From its start in 2000, it has raised over $11 billion of capital commitments, completed over 700 transactions, and acquired over 1,400 underlying limited partnership interests.
The Simpson Thacher team includes Brian Stadler, Sean Crnkovich, Diona Park and Michael Monteleone (M&A); Michael Wolitzer, Peter Gilman, Michael Sabin and Matthew Kopko (Funds); Marissa Wesely, Mary Touchstone and Brandon Messina (Credit); Greg Grogan Jeanne Annarumma and Jennifer Wolff (Executive Compensation and Employee Benefits); John Hart and Seojung Park (Tax); and Lori Lesser (Intellectual Property).