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.