Credit Suisse teams up with Qatar fund on multi-billion credit business
Reuters
Published Sep 17, 2020 07:18AM ET
DUBAI (Reuters) - Swiss bank Credit Suisse (S:CSGN) and the Qatar Investment Authority (QIA) said on Thursday they were jointly setting up a multi-billion dollar direct private credit business.
QIA, which is Qatar's sovereign wealth fund and has a 5.4% stake in Credit Suisse, manages about $300 billion in assets.
Credit Suisse and QIA said in a joint statement that the platform, part of Credit Suisse Asset Management’s Credit Investments Group (CIG), would provide financing mostly through secured first and second-lien loans to upper middle market and larger companies in the United States and Europe.
A first lien ranks highest for payment when a borrower defaults and the property or asset was used as collateral.
CIG has $60 billion in non-investment grade credit positions, the statement added.
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Written By: Reuters
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