Blackstone Group buys private equity unit

Blackstone Group buys private equity unit

NEW YORK (AP) — Private equity firm Blackstone said Monday that it has acquired a private equity unit called Strategic Partners from Swiss banking giant Credit Suisse.

Strategic Partners buys stakes in private equity funds. It has 29 investment professionals and $10 billion in assets under management. Blackstone has about 1,780 employees, according to its latest annual report. It has about $230 billion in assets under management.

Blackstone’s decision to buy Strategic Partners was first announced in April. The terms of the deal were not disclosed.

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