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Laxman Pai, Opalesque Asia:

Swiss bank Credit Suisse 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.

The partnership will make loans to upper middle-market and large-cap companies in the US and Europe, the Swiss bank, and QIA said in a joint statement. The financing will mainly consist of first or second-ranked loans which are secured against the business.

The platform is part of Credit Suisse Asset Management's Credit Investments Group (CIG), which is led by Global Head and Chief Investment Officer, John Popp, said the release.

The CIG team is one of the largest and most experienced providers of leveraged finance solutions in the industry, with approximately USD 60 billion in non-investment grade credit positions. For more than 20 years through various market cycles, CIG has maintained a disciplined approach and demonstrated leading experience in sourcing and servicing credit relationships.

Eric Varvel, Global Head of Asset Management and Chairman of the Investment Bank at Credit Suisse, said, "We believe this strategic partnership with QIA presents unique opportunities for borrowers seeking credit solutions to partner with our Asset Management and Investment Bank franchises. The Credit Investments Group, within Credit Suisse Asset ......................

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