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Atlas Merchant Capital, the investment firm co-founded by former Barclays Plc Chief Executive Officer Bob Diamond, has received commitments from Qatar for a new vehicle focused on distressed assets. 

The Qatar Financial Centre -- a platform through which most foreign financial firms do business in the country -- has signed a non-binding letter of intent to commit $100 million to the Atlas entity, it said in a statement on Monday. 

The vehicle, which will have an office in Doha, expects to target a first close in 2022 and a final close in 2023. It is aiming for total capital commitments of $1.5 billion, and said the QFC’s backing “will help to mobilise other institutional investors.” Atlas Merchant will advise on strategy. 

“The platform will aim to provide liquidity to financial institutions and credit markets for the resolution of distressed assets,” the QFC statement said. “Recent global crises have created an opportunity for private investment in the sector.”

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