May 13 (Reuters) - Raymond James will partner

with billionaire Todd Boehly's investment firm Eldridge

Industries to expand into the $1.7 trillion private credit

market, mirroring attempts by other banks.

The bank said on Monday the new venture will invest in

private equity-backed companies across four primary sectors -

consumer, diversified industrials, healthcare and technology &

services.

Private credit refers to financing provided by non-bank

companies that are not subjected to the same degree of

regulation as banks.

Such loans are processed quicker and can be an important

source of funds for borrowers deemed too risky by traditional

lenders.

But traditional lenders such as JPMorgan Chase ( JPM ),

Wells Fargo ( WFC ) and Citigroup ( C/PN ) are also rushing to grab

a slice of the booming market by teaming up with investment

firms.

Such partnerships can provide banks with extra financial

firepower and flexibility to invest.

Eldridge manages nearly $80 billion in total assets across

its investment and insurance subsidiaries.