Credit Suisse has reached an agreement to spin off the DLJ Investment Partners business including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors. Portfolio Advisors will become the new investment manager of DLJ Investment Partners, L.P, DLJ Investment Partners II, L.P., and DLJ Investment Partners III, L.P.
Credit Suisse today announced that it has reached an agreement to spin off the DLJ Investment Partners business (“DLJIP”), including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors, LLC.
Portfolio Advisors, an independent, employee-owned firm that provides tailored private equity, private credit and real estate investment solutions to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programs, will become the new investment manager of DLJ Investment Partners, L.P. (“DLJIP I”), DLJ Investment Partners II, L.P. (“DLJIP II”), and DLJ Investment Partners III, L.P. (“DLJIP III”) (collectively, the “DLJIP Funds”). Messrs. DaCosta and Harper will continue to manage the DLJIP Funds and all other investment professionals (collectively, the “DLJIP Team”) are expected to join Portfolio Advisors. No changes to the DLJIP Team are expected as a result of the spin-off.
DLJIP provides private debt and equity capital, on behalf of institutional and other investors, primarily to middle market companies in connection with the financing of leveraged buyout transactions or in support of growth, acquisition, recapitalization and refinancing activity. Since its inception in 1995, DLJIP has raised $3.6 billion of capital commitments dedicated to mezzanine investing and has completed 75 transactions across its various funds.
Nicole Arnaboldi, Vice Chairman of Credit Suisse’s Asset Management business, said, “We are pleased to have reached this agreement. We believe that Portfolio Advisors will provide a strong platform for the DLJIP Team to continue to manage the DLJIP Funds and to raise capital in the future.”
Brian Murphy of Portfolio Advisors said, “We are excited that the DLJIP Team is joining the Portfolio Advisors platform. The DLJIP Team is a group of highly talented and experienced investors and we share significant relationships across both general partners and limited partners. As a result, we view this as an important opportunity to continue to grow our firm and our franchise in private credit.”
“The DLJIP team is extremely pleased to be joining Portfolio Advisors, a highly respected name in the private equity fund investing space,” said Igor DaCosta and Charles Harper, Co-Heads of DLJIP. “Their emphasis on private equity style investing and long term approach will serve our limited partners well and should increase our mezzanine opportunity set going forward.”
This spin-off is part of Credit Suisse’s previously announced divestment plans and will facilitate the continued growth of the DLJIP business in light of the changing regulatory environment. This transaction is subject to customary closing conditions, including the approval of limited partners, and is expected to close by the end of 2013.
Credit Suisse AG
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as “Credit Suisse”). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,300 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
Portfolio Advisors, LLC
Portfolio Advisors (“PA”) is an independent, employee-owned firm that provides tailored private equity, private credit and real estate investment solutions to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programs. PA invests on behalf of its clients across the private equity, private credit and private real estate spectrum through primary fund commitments, purchases of secondary private equity limited partnership interests and co-investments alongside well-regarded private equity sponsors. Portfolio Advisors manages over $32 billion in assets under management on behalf of over 600 limited partners and has offices in the United States, Asia and Europe Additional information about.
SOURCE Credit Suisse AG