Credit Suisse First Boston Private Equity has saved Private Equity Holding (PEH), the troubled Swiss private equity company, from insolvency by relieving it of part of its portfolio and a large proportion of capital commitments.

The sale, worth Sfr616m (€408m) plus future commitments of Sfr305m, has allowed PEH to repay its Sfr325m debt to Swiss Life, the life assurer. PEH had been in crisis talks to find a way of clearing its debt. It secured an extension of the repayment deadline after Swiss Life refused to lend more to the quoted company.