Citigroup Inc (C)

[kei]

Citi Completes Asset Sale to StepStone and Lexington

http://dealbook.blogs.nytimes.com/2010/10/28/2-firms-close-on-deal-for-citi-private-equity-funds/?partner=yahoofinance

Citi Completes Asset Sale to StepStone and Lexington
October 28, 2010, 7:32 am Two private equity firms have completed a deal to buy a swath of Citigroup’s private equity funds.

The StepStone Group will take on the management of Citigroup’s $4 billion fund of funds, mezzanine funds, feeder funds and co-investment businesses.

Lexington Partners, meanwhile, has acquired a portion of Citigroup’s proprietary interests in the same unit.
Financial terms of the deal, announced in July, were not disclosed, but the bank has said that the transaction would reduce its private equity assets by about $1.1 billion.

The transaction is part of Citigroup’s strategy to reduce noncore businesses and comes amid new American financial regulations that put severe restrictions on the ability of banks to make bets with their own money.
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