The Universities Superannuation Scheme, the pension scheme for universities and other higher education institutions in the U.K., agreed to acquire a majority interest in a $3.1 billion portfolio of outstanding loans to specialist direct lending funds from Credit Suisse Group AG.

Each of the funds is secured by an underlying portfolio of loans to medium-sized European companies, the USS said Jan. 25.

Credit Suisse will retain a minority economic interest in its global markets division. The bank will also provide a range of services to the USS entities set up to manage the portfolio, including loan servicing, credit monitoring, structuring and the origination of new financing facilities.

Credit Suisse said it expects to originate new loans to direct lending funds from the first half of 2017.

Universities Superannuation is the sole corporate trustee of the Universities Superannuation Scheme.