Investment firm TCW had bought private equity company Craton Equity Partners. The move was a push to expand its alternative offerings. This was according to a statement from TCW's alternative products division head said on Monday.

According to the group managing director of TCW Jess Ravich, "Right now, we're drafting for talent. The world's pretty open in terms of what we're looking to add."

Los Angeles-based TCW Group Inc has over $130 billion in assets. The firm had been aiming to acquire more alternative vehicle this year and continue to purchase four or five more alternative vehicles annually, said Ravich.

Alternative investments are different from traditional investments like bonds and stocks. This could include private equity, hedge funds, mezzanine debt and venture capital.

TCW's most recent acquisition was last December 2012. The firm bought Boston based asset manager Regiment Capital Advisors' Special Situations Funds group. As of June 30, the company held assets valued USD8.5 billion.