Coller Capital Ltd., the British buyer of private-equity assets started by Jeremy Coller, is in talks to acquire Credit Suisse Group AG’s stake in DLJ Merchant Banking Partners, three people with knowledge of the talks said.
Coller is close to an agreement to acquire the bank’s stake in New York-based DLJ’s funds, said the people, who asked not to be identified because the talks are private. DLJ’s managers, led by Nicole Arnaboldi, will start their own firm to manage those assets on behalf of Coller, one of the people said.
Credit Suisse, the second-largest Swiss bank, is exiting more illiquid businesses as regulations such as the Volcker rule seek to limit risk-taking by financial companies. The Zurich-based bank sold CS Strategic Partners, another private equity division, to New York-based Blackstone Group LP in April.
Credit Suisse inherited DLJ Merchant Banking Partners through its acquisition of Donaldson, Lufkin & Jenrette in 2000. The unit raised $2.1 billion for its most recent fund, DLJ Merchant Banking Partners IV, in 2006. DLJ’s investments include U.S. waste-management group Deffenbaugh Industries Inc. and U.K. travel agent Education & Adventure Travel Group.
Shona Prendergast, a spokeswoman for Coller Capital in London, and Katherine Herring, a spokeswoman for Credit Suisse in New York, both declined to comment on the talks.