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October 29, 2010

Citi selling Private Equity to Stepstone


Stepstone Group LLC said Wednesday that it has closed its acquisition of $4 billion private equity funds from Citigroup Inc. (C) as the investment bank seeks to offload its alternative assets units ahead of U.S. new financial rules discouraging banks from engaging in risky trades with their own money.
Financial details of the transaction weren't disclosed but the package includes fund of funds, mezzanine and co-investment businesses.
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