Credit Suisse has agreed to agreed 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, which provides private equity, private credit and real estate investment solutions to both institutional and high-net-worth clients, 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).
Brian Murphy, a managing director of Portfolio Advisors, said that their firm will launch a new mezzanine investment business in collaboration with DLJ Investment Partners.
Post acquisition, DaCosta and Harper will continue to manage the DLJIP Funds and all other investment professionals are expected to join Portfolio Advisors.
DaCosta and Harper said: "The DLJIP team is extremely pleased to be joining Portfolio Advisors, a highly respected name in the private equity fund investing space.
"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."
The transaction, which is subject to customary closing conditions, including the approval of limited partners, is expected to close by the end of 2013.