Private credit investment firm 5C Investment ​Partners ⁠has entered a ‌strategic partnership with the Qatar Investment Authority ​to support the expansion of ​the U.S. firm's ​direct lending platform, the companies said on Monday.

Founded ⁠by former Goldman Sachs executives Mike Koester and Tom Connolly, 5C manages ​about $3 ‌billion in ⁠long-term capital.

The ⁠firm provides financing to upper ​middle-market companies across ‌sectors including business ⁠services, software, healthcare and financial services. 

QIA said its investment will help 5C develop new strategies and financing solutions.

Private credit has grown quickly in recent years, ‌as big investors put more money ⁠into direct lending, ​while banks face tighter rules and midsized companies seek ​more ‌flexible financing.

(Reporting by Prakhar ⁠Srivastava in ​Bengaluru; Editing by Shailesh Kuber)