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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.

Credit Suisse, anxious to meet international regulations about bank capital levels, has been selling businesses that it sees as "illiquid" or not essential. Last week it announced it would sell another private equity unit, Customized Fund Investment Group, to Grosvenor Capital, a hedge fund investment firm. Its reshaping illustrates how new rules are, in some ways, changing how the big banks operate.

Blackstone Group LP fell 27 cents, or 1.2 percent, to $22.78 in afternoon trading. They are still near the upper end of their 52-week range of $13.04 to $24.31.