Portfolio Advisors picks up DLJ spinoff from Credit Suisse

  • Credit Suisse spins off DLJ Investment Partners
  • Deal includes DLJ’s Igor DaCosta, Charles Harper
  • Portfolio Advisors managing DLJ Investment Partners

This spin-off fits into Credit Suisse’s previously-announced divestment plans “in light of the changing regulatory environment” created by the Dodd-Frank banking legislation and other rules on capital adequacy in the wake of the 2008 fnancial crisis.

“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,” said Nicole Arnaboldi, vice chairman of Credit Suisse’s Asset Management unit.

The deal will keep in place the existing team at DLJ Investment Partners led by Igor DaCosta and Charles Harper, with no changes to their team. No financial terms were disclosed in the deal, which is expected to close by the end of 2013.

“We view this as an important opportunity to continue to grow our firm and our franchise in private credit,” Brian Murphy, managing director of Portfolio Advisors, said in a statement.

Portfolio Advisors, an independent, employee-owned firm, will be the investment manager of DLJ Investment Partners, L.P. (DLJIP I), II and III, collectively known as the DLJIP Funds.

The Darien, Conn., firm currently provides tailored private equity, private credit and real estate investment products to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programs.

The firm disclosed that it has $32 billion in assets under management for more than 600 limited partners. It has offices in the United States, Asia and Europe.,

A spokesman for Portfolio Advisors declined to comment beyond the prepared statement for the deal.

Since its launch in 1995, DLJIP has raised $3.6 billion of capital commitments dedicated to mezzanine investing, and it has completed 75 transactions across its various funds.