Credit Suisse has reached an agreement to spin off its DLJ Investment Partners business to Darien, CT-based financial investment advisory firm Portfolio Advisors.

Credit Suisse has reached an agreement to spin off its DLJ
Investment Partners business to Darien, CT-based financial investment advisory firm Portfolio Advisors.

The spinoff includes the existing investment team led by Igor
DaCosta and Charles Harper and the deal is expected to be completed by the end
of the year, Credit Suisse said in a statement.

Portfolio Advisors will become the new investment manager of
DLJ Investment Partners LP, DLJ Investment Partners II LP, and DLJ Investment
Partners III LP.

No changes to the DLJIP Team are expected.

"This spinoff 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," said Credit Suisse.

DLJIP provides private debt and equity capital on behalf of
institutional and other investors, primarily to middle-market companies. 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.

Portfolio Advisors is an employee-owned
firm that provides private equity, private credit and real estate investment
solutions to institutional and high net worth clients through separately-managed accounts and fund-of-funds programs.

The firm has over $32 billion in assets under management on
behalf of over 600 limited partners and has offices in the US, Asia and Europe.