Credit Suisse First Boston has announced the creation of an alternative investments unit.

The alternative capital division is to offer products including private equity and hedge funds, the company said. It has promoted Bennett Goodman to run the unit.

The division hopes to generate $1 billion of annual revenues and $50 billion of assets under management within five years. The company's private equity arm now manages $30 billion.

Goodman was the chairman of merchant banking and leveraged finance at CSFB. Six months ago he announced plans to leave the investment banking company to pursue other opportunities. CSFB intends to become "the industry's premier alternative asset platform," John Mack, CEO of CSFB and co-CEO of Credit Suisse Group, said in a statement.

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