Credit Suisse teams up with Qatar fund on multi-billion credit business
Swiss bank Credit Suisse CSGN.S 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.
Rules of Discussion on Live Index
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.