Bear Stearns acquires Crane Capital unit |
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Tue, 20 Feb 2007 15:36
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NEW YORK (AP) - Bear Stearns Cos. said Tuesday it acquired Crane Capital Associates Inc., a private equity fund placement business, and created a new operating group within the financial services firm.Financial terms of the deal were not disclosed.Bear Stearns said the acquisition would expand its global private equity and real estate fund placement business. With more than 20 office worldwide, Crane Capital fund placement clients include a broad array of institutional investors, as well as a platform that serves managers across the alternative investment spectrum, such as buyout, venture capital, real estate and secondary teams.Leo van den Thillart, formerly senior managing partner of Crane Capital, and Paul Sanabria, a senior managing director of Bear Stearns Asset Management, will lead the new Bear Stearns Private Fund Group. Van den Thillart will work from London, and Sanabria will be based in New York.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Bear Stearns buys Crane Capital's fund placement business 