New York-listed Blackstone is to acquire Credit Suisse’s secondary private equity business, Strategic Partners. 

Strategic Partners has $9 billion in assets under management and its 26-strong team is headed by Stephen Can and Verdun Perry.

The firm said the sale is part of Credit Suisse’s strategic divestment plans which were announced on July 18, 2012.

The transaction remains subject to customary closing conditions and is expected to be finalized by the end of the third quarter. Terms of the deal were not disclosed.

“Many of us here at Blackstone were once colleagues of the Strategic Partners team, and this gives us high confidence that it will be a seamless cultural fit here at the firm,” said Tony James, president and chief operating officer.

Strategic Partners acquires secondary interests in private equity funds from investors seeking liquidity. Since its inception in 2000, it has raised over $11 billion of capital commitments, completed over 700 transactions and acquired over 1,400 underlying limited partnership interests.