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The firm also plans to increase its team of 25 PE and special situations investment professionals by 15 percent to 20 percent over the next two or three years.
Following the failed sale process, the special situations and loan trading team was disbanded toward the end of last year as part of a bigger overhaul of UBS’s credit team following the merger.
The rising costs of capital, rising interest rates and lower valuations have firms beginning to see a larger market for credit funds and direct lending.