Qatar’s sovereign fund, the Qatar Investment Authority (QIA) has agreed to partner with global asset manager Credit Suisse Asset Management to create a multi-billion dollar direct private credit platform to support organizations in the US and Europe.
The platform will primarily provide financing in the form of secured first and second lien loans to upper middle-market and larger companies in the US and Europe.
John G. Popp, Credit Suisse Asset Management’s global head and chief investment officer will lead the initiative which will be managed under its Credit Investments Group (CIG).
With about $60bn in non-investment grade credit positions, the CIG team is one of the largest and most experienced providers of leveraged finance solutions in the industry which has maintained a disciplined approach and demonstrated leading experience in sourcing and servicing credit relationships.
Eric Varvel Global Head, Asset Management Chairman Investment Bank, Credit Suisse
“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. 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.”
QIA CEO Mansoor al-Mahmoud said, “We see significant potential in the growing private credit market and we are excited to once again work with Credit Suisse. 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 US and globally.”
Popp said, “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 US and Western Europe. The current market environment presents an ideal entry point into the private credit space, with capital and liquidity now at a premium.”
Qatar Investment Authority
One of the largest and most active sovereign wealth funds globally, Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA) was founded in 2005 to invest and manage the state reserve funds.
The QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to Qatar’s prosperity.
