Swiss bank Credit Suisse and the Qatar Investment Authority said on Thursday they were jointly setting up a multi-billion dollar direct private credit business.
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd WiegmannDUBAI: Swiss bank Credit Suisse and the Qatar Investment Authority 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 5.4per cent stake in Credit Suisse, manages about US$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 , 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.Advertisement
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