UBS, General Atlantic Discuss Private Credit Partnership

UBS Group AG is in advanced talks with alternative-asset manager General Atlantic to push into the $1.6 trillion private credit market through a strategic partnership, according to people familiar with the matter.

The two firms are working toward a cooperation agreement that could be announced as soon as next week, the people said, asking not to be identified because the talks are private. The partnership will involve UBS’s investment bank originating loans for which GA Credit will receive preferred status or a so-called “first-look”, one of the people said.