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.