A converter has a network-side and a load-side power converter that are connected together on the DC side in an electrically conductive manner. An upper and a lower valve branch of each phase module, respectively, of the load-side power converter has at least one two-poled subsystem. At least one multiphase network-controlled power converter is provided as the network-side power converter. In this way, a converter is obtained, in particular an intermediate voltage circuit converter for intermediate voltages, which combines a simple and cost-effective feed circuit on the network side with a modular multilevel converter on the load side.