DLJ redux

25 July 2003

Deutsche is selling up after taking a bath on private equity. That’s because it punted its own capital at the top of the market. CSFB didn’t make the same mistake. But it did buy its private equity business from DLJ for a thumping price.

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Credit Suisse First Boston has bought a $500m portfolio of private equity investments from Deutsche Bank, according to Reuters' sources.

The deal marks the largest transaction to date for CSFB Strategic Partners, which specialises in buying private equity assets from partners looking to exit their investments before they reach maturity. CSFB Strategic Partners recently raised about $1.25bn from investors.

Deutsche has been steadily stepping back from private equity. Early this year, it sold its Late Stage private equity portfolio for E1.5bn to management. CSFB Private Equity is one of the world's largest private equity managers, with $28bn under management.

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