Atlas Merchant Capital, the investment firm co-founded by former Barclays Plc Chief Executive Officer Bob Diamond, has received commitments from Qatar for a new vehicle focused on distressed assets.
The Qatar Financial Centre, through which most foreign financial firms do business in the country, has signed a non-binding letter of intent to commit $100 million to the Atlas entity, it said in a statement on Monday.
The vehicle, which will have an office in Doha, expects to have a first close in 2022 and a final close in 2023. It is aiming to achieve total capital commitments of $1.5 billion and said that the QFC's backing will help to mobilise other institutional investors. Atlas Merchant will be there to advise on strategy.
The platform will aim to provide liquidity to financial institutions and credit markets for the resolution of distressed assets, the QFC statement said. Private investment in the sector has been created by recent global crises.