LONDON - Credit Suisse First Boston has spun off the business formerly known as DLJ European Private Equity Ltd. into an independent entity owned by its management.
The new group, to be known as Phoenix Equity Partners Ltd., will continue to manage three funds totaling $363.8 million.
The group has also raised a new $358.1 million fund from existing investors. The new fund will invest in middle-market growth companies in Europe.
In a press release Wednesday, CS First Boston said that its private equity arm, CSFB Private Equity, overlapped with DLJ European Private Equity in middle-market European investments.
CSFB Private Equity, which invested $750 million in Europe last year, invests in large and middle-market European growth companies. The firm said its operations and investment strategy in Europe will not change.
Phoenix Equity Partners was formed in 1991 by Phoenix Group Ltd. Donaldson Lufkin & Jenrette Inc. acquired Phoenix Group in 1997 and then was bought by Credit Suisse Group last year.