Credit Suisse Asset Management and the Qatar Investment Authority (QIA) will partner to form a multibillion dollar direct private credit platform that will provide financing primarily in the form of secured first and second lien loans to upper middle market and larger companies in the U.S. and Europe.
The platform is part of Credit Suisse Asset Management’s credit investments group (CIG), which is led by John Popp as global head and chief investment officer. The CIG team is a provider of leveraged finance solutions with approximately $60 billion in non-investment grade credit positions.
“We believe this strategic partnership with QIA presents unique opportunities for borrowers seeking credit solutions to partner with our asset management and investment bank franchises,” Eric Varvel, global head of asset management and chairman of the investment bank at Credit Suisse, said. “The credit investments group, within Credit Suisse Asset Management, has extensive industry and lending relationships that, when combined with Credit Suisse’s unmatched leveraged finance and financial sponsors franchises, uniquely positions us to provide capital and liquidity to the private credit market.”
“We see significant potential in the growing private credit market and we are excited to once again work with Credit Suisse,” Mansoor Al Mahmoud, CEO of QIA, said. “This strategic partnership, with one of the foremost leaders in asset management, is aligned with QIA’s objectives as a long-term diversified investor across asset classes both in the U.S. and globally.”
“This private credit platform is a natural extension of our business as a leading provider of capital solutions to non-investment grade companies in the U.S. and Western Europe,” Popp said. “The current market environment presents an ideal entry point into the private credit space, with capital and liquidity now at a premium.”
