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, Wells Fargo and Citigroup 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.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)