Grosvenor Capital Management LP is buying the Customized Fund Investment Group from Credit Suisse Group AG (NYSE: CS).

New York-based Customized Fund Investment is a private equity, infrastructure, and real estate investment management company. The firm has $18 billion in assets under management and 11 offices around the world. After the deal closes, Customized Fund Investment will be renamed the GCM Customized Fund Investment Group. Terms of the deal were not disclosed.

Grosvenor, headquartered in Chicago, focuses on alternative investments. The company, founded in 1971, invests about $23 billion on behalf of clients.

The combined firm will have more than $40 billion in assets under management and 400 employees.

In January, Zurich-based Credit Suisse agreed to sell its exchange traded funds business to BlackRock Inc., an investment manager and advisory firm. 

Morgan Lewis and Bockius LLP served as Customized Fund Investment's legal adviser for the deal. 

Financial services industry