Credit Suisse joins hands with QIA for multi-billion credit business
October 23, 2020
Finance

Credit Suisse joins hands with QIA for multi-billion credit business

DUBAI (UAE) – Switzerland’s Credit Suisse and the Qatar Investment Authority revealed on Thursday they were coming up with a multi-billion dollar direct private credit business.

QIA is the sovereign wealth fund of the Gulf state and has a 5.4% stake in the Swiss bank and manages about $300 billion (231.34 billion pounds) in assets.

They said in a joint statement that the platform, which is part of Credit Suisse Asset Management’s Credit Investments Group (CIG), would allocate financing via first and second-lien loans to upper middle market and larger firms in the US and Europe.

CIG has $60 billion in non-investment grade credit positions.

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