Qatar Investment Authority has committed a few hundred million dollars to 5C Investment Partners, according to Bloomberg.

The capital injection will support 5C’s expansion in upper middle market direct lending. The firm was founded by former Goldman Sachs partners Tom Connolly and Michael Koester.

5C launched in 2024 with $1.6bn. As of early this month, the firm held approximately $727m across 21 portfolio companies, according to regulatory filings. Investments include dentalcorp Holdings and Excel Sports Management.

Other backers include DFO Management, the family office of Michael Dell, and Liberty Mutual Investments.

The transaction highlights continued sovereign wealth appetite for private credit platforms, even as fundraising conditions remain difficult for small and mid-tier managers. PitchBook data shows the average time to raise a traditional institutional fund reached 23 months last year, the longest since at least 2006.

QIA, which oversees approximately $580bn, has been increasing its exposure to US investments. Chief executive Mohammed Al-Sowaidi recently stated that a $500bn commitment to US investments over the next decade is progressing as planned.

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