Blackstone Buys PE Unit Of Credit Suisse

Credit Suisse Group AG has agreed to sell a private equity business to The Blackstone Group, the latest move by an investment bank to sell a business with illiquid assets in order to appease regulators and bolster its balance sheet. The Volcker Rule—-named after former Federal Reserve Chairman Paul Volcker and part of the Dodd-Frank financial reform law—is expected to limit bank investments in private equity funds and was cited by Switzerland’s Credit Suisse last summer as a reason for exploring a sale.