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DLJ Investment Partners To Spin Off From Credit Suisse

Stocks in this article: CS

NEW YORK, Nov. 6, 2013 /PRNewswire/ -- 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.

(Logo:  http://photos.prnewswire.com/prnh/20091204/CSLOGO )

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.

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