Bear Stearns announced today that it has expanded its global private equity and real estate fund placement effort with the acquisition of Crane Capital Associates Inc.’s fund placement business.

The firm says that Crane Capital’s capabilities will enhance its ability to provide advisory and fundraising services to the financial sponsor community and offer investment managers to its institutional clients. Terms of the deal were not disclosed.

Crane Capital has more than 20 professionals in New York, San Francisco, Toronto, London, Oslo, Munich, Melbourne, and Tokyo. It boasts longstanding relationships with a broad array of institutional investors, while also building a global platform that serves managers across the alternative investment spectrum, including buyout, venture capital, real estate, and secondary teams.

The new Bear Stearns Private Fund Group will be lead by Leo van den Thillart, formerly senior managing partner of Crane Capital, and Paul Sanabria, a senior managing director of Bear Stearns Asset Management. van den Thillart will be located in London and Sanabria will be located in New York.

Richard Marin, chairman and CEO of BSAM, commented, “We are very excited about the growth of Bear Stearns’ Private Fund Group. These talented professionals have a proven track record of success and a reputation for excellence in working with world-class managers, providing comprehensive advice, and executing global fundraising strategies. In particular, Crane Capital’s significant presence outside the United States will greatly enhance Bear Stearns’ global platform and build on its capabilities in the private placement space.”

“Bear Stearns is a great fit for us. Over the years, we have established a successful business that will complement Bear Stearns’ world-class platform and create a leader in the private fund field. We look forward to working alongside Paul and his team to further build the Bear Stearns Private Fund Group,” van den Thillart added.