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Funds run by HPS began lending to companies tied to Brahmbhatt in 2020, with the loans backed by receivables the firms claimed were owed by major telecom groups, according to the report.

In a Delaware court filing earlier in the year, funds managed by HPS accused Brahmbhatt and his controlled companies of “an extraordinarily brazen and widespread fraud” alleging the documents to verify the receivables were fabricated, as per the report.

Prosecutors in the U.S. Attorney’s Office for the Eastern District of New York (EDNY) in Brooklyn are leading the probe, the report said.

Of the $430 million HPS lent to Brahmbhatt-linked firms, roughly half was funded with leverage from BNP Paribas, the report added, citing a person with knowledge of the matter.

BlackRock, EDNY, and BNP Paribas declined to comment. Brahmbhatt did not respond immediately.

The report says that the HPS funds were specialist asset-backed finance vehicles – a niche segment of the private credit market, which has seen some recent risks emerge.

Recent bankruptcies of First Brands, a major U.S. auto-parts supplier, and subprime lender Tricolor have intensified concerns over the stability of the U.S.’s vast private credit market.

The fallout, which includes billions in undisclosed debt and losses for high-profile banks and funds, has prompted scrutiny of aggressive lending structures and opaque finance practices.

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This story was adapted from a version published by Lawrence Berkeley National Laboratory. Read the original here.

The Department of Energy (DOE) has renewed funding for the Quantum Systems Accelerator (QSA), a DOE National Quantum Information Science Research Center led by Lawrence Berkeley National Laboratory (Berkeley Lab) in partnership with Sandia National Laboratories. CU Boulder is one of 15 partner institutions on the research center.

QSA builds and demonstrates quantum technologies and computing prototypes to transform quantum information science into breakthroughs for society. These advances will enable scientists to use quantum computers to design new materials, discover new chemicals and reactions, and accelerate breakthroughs in energy, physics, biology, and chemistry.

The total planned funding for QSA is $125 million over five years, with $25 million in year one and out-year funding contingent on congressional appropriations.

“This renewed funding is a vital investment in advancing quantum technology for our nation,” said Massimo Ruzzene, senior vice chancellor for research and innovation and dean of the institutes at CU Boulder. “Together with other key initiatives like the National Quantum Nanofab facility and the Quantum Systems through Entangled Science and Engineering (Q-SEnSE) Quantum Leap Challenge Institute, the QSA strengthens CU Boulder’s rapidly expanding capacity to translate quantum advances into real-world solutions benefitting society.”

QSA is one of five National Quantum Information Science (QIS) Research Centers established by DOE in 2020 to expand the frontier of what’s possible in quantum computing, communication, sensing, and materials in ways that will advance basic science for energy, security, communication, and logistics. Together, the centers have strengthened the national quantum information science ecosystem, achieving scientific and technological breakthroughs as well as training the next-generation quantum workforce. DOE has renewed funding for all five centers.

The center combines world-leading expertise and capabilities across national labs, academia, and industry. QSA will also partner with industry, such as Nobel Prize winner John Martinis’ Qolab, to advance quantum technology for DOE and commercial applications. These public-private partnerships will ensure that QSA’s science and technology advances are industry-relevant at every stage.

CU Boulder participates in QSA through the Q-SEnSE research institute. Q-SEnSE, which is funded by the U.S. National Science Foundation, launched in 2020 and focuses on, among other goals, exploring how advanced quantum sensing can discover new fundamental physics.

“With the renewal of DOE funding for the Quantum Systems Accelerator, we at CU Boulder are in a great position to deepen our contributions to national quantum innovation by connecting QSA efforts with the NSF-funded Q-SEnSE Institute and our CUbit Quantum Initiative,” said Inese Berzina-Pitcher, executive director of Q-SEnSE. “I am excited for what the next five years will bring as we work with Lawrence Berkeley National Laboratory and our QSA partners to advance quantum science and technology.”

Among QSA’s many achievements in its first five years, the center made world-leading advancements on three promising qubit technologies: trapped ions, neutral atoms, and superconducting circuits. These achievements are laying the foundation for building practical quantum systems that can tackle real-world scientific and energy challenges and have strengthened QSA’s role in keeping the U.S. at the forefront of transformative quantum technologies.

“QSA plays a vital role in advancing QIS across the U.S. by bridging the gap between national labs, academia, and industry. By fostering collaboration, QSA ensures that breakthroughs can move from experimental stages to practical applications, benefiting the nation,” said QSA Director and Berkeley Lab scientist Bert de Jong.