Grosvenor Capital Management, based in Chicago, said Thursday that it completed its acquisition of Credit Suisse’s Customized Fund Investment Group (CFIG) just five months after announcing plans for the move.

Under its new ownership, the global private equity, infrastructure and real estate investment management company will function as a subsidiary of Grosvenor and will manage a portion of the firm’s private markets division. The combined business will have more than $44 billion in assets under management and 375 professionals, the Jan. 2 announcement stated.

Grosvenor Capital Management Customized Fund Investment Group will maintain its primary office in New York, the statement added.

Chicago-based Grosvenor announced Aug. 1, 2013 that it planned to purchase the investment management company. The sale is connected to Credit Suisse’s prior “strategic divestment plans announced on July 18, 2012,” the statement said.

Grosvenor CEO Michael Sacks said Thursday that “together, we will offer clients the ability to access the entire alternative investments landscape. 

“Both groups focus on investment performance, customized solutions that meet the unique needs of a global investor base, and comprehensive, transparent client service,” Sacks continued.

The Arkansas Teacher Retirement System (ATRS) was one CFIG client that  questioned the sale in October 2013, according to IMMP’s records.

At the time, ATRS Executive Director George Hopkins was given consent to check out the sale of CFIG to hedge fund Grosvenor. Investment consultant Hewitt EnnisKnupp was assisting.

Credit Suisse managed about $195 million and $271 million in two separate funds, Hopkins said, while noting that the firm has the ability to call an additional $117 million as part of the contracts.

Hopkins explained that he would likely come to a decision before the end of October 2013. He later noted in an email the following month that no decision had been made.

The meeting’s executive summary highlighted that the “ATRS has the right to review the transfer and decide whether to consent to the change in management or not.” There is a 45 day window for the due diligence period, the meeting summary further explained.

Previously, following its July 26, 2013 meeting, the retirement fund disclosed it was taking a wait and see approach to sale of CFIG. Staff highlighted that it was notified of the purchase back in July 2012. In the meeting summary, the ATRS noted that it “would have to consent to the sale since there would be a change in ownership of the general partner.”

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