Cowen Group Inc. (Nasdaq: COWN) has developed a new commercial finance company, Cowen Finance.

New York-based Cowen expects to make an initial equity investment of up to $125 million in the new direct lending operation. Cowen Finance will work with Cowen and Co.'s investment banking and debt capital markets business to originate, syndicate and use Cowen's capital to provide a broad range of credit options to corporations.

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