Updated with correction
Credit Suisse Asset Management on Thursday announced it had created a new unit to oversee institutional private direct investments, said a Credit Suisse spokeswoman.
The directs and co-investments group will be an extension of Credit Suisse Asset Management's private fund group, which handles primary and secondary private markets investments, the spokeswoman said.
Paul Van Hook, PFG managing director, will head the new group, according to a news release.
Also, Imran Hameed was named director of the new group. Mr. Hameed was a principal at private placement firm Mercury Capital Advisors. A Mercury spokeswoman said Mr. Hameed's previous duties would be handled by others at the firm.
Kevin Naughton, co-head of the private fund group, said in the release that the new unit was in response to the growth of direct investing as "an increasingly significant part of investors' approach, as they seek direct access to assets and portfolios to enhance returns and complement their existing investment strategies."
PFG has raised more than $500 billion for 366 funds since 1994 and, since 2010, has completed 26 transactions that will now be conducted by the directs and co-investments group, the release said.