Credit Suisse is to spin off the DLJ Investment Partners business (DLJIP), including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors.
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 programmes, will become the new investment manager of DLJ Investment Partners (DLJIP I), DLJ Investment Partners II (DLJIP II), and DLJ Investment Partners III (DLJIP III).
DaCosta (pictured) and Harper will continue to manage the DLJIP funds and all other investment professionals 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 USD3.6bn 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, says: "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 says: "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," say DaCosta and Harper. "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."
