Goldman Sachs Alternate options is the newest asset supervisor to launch a personal credit score fund aimed on the wealth market.
The agency’s $450bn (£356bn) options platform has unveiled a brand new open-ended, semi-liquid European personal credit score technique that was seeded within the fourth quarter of final 12 months.
The fund – dubbed GSEC – has already raised greater than €550m up to now and has allotted to 23 personal credit score portfolio corporations.
The fund will concentrate on portfolios of instantly originated, senior secured debt from medium to giant dimension debtors.
The launch of GSEC follows the shut of the agency’s personal markets ELTIF, which was launched final 12 months to supply direct publicity to a variety of investments throughout sectors and techniques in personal markets.
“We imagine we now have a differentiated place as a number one incumbent within the direct lending markets in Europe and globally,” mentioned James Reynolds, world head of direct lending at Goldman Sachs Alternate options.
“We proceed to see the European personal credit score market as an lively supply of secure returns for buyers and we’re happy to proceed discovering methods for buyers to entry these markets.”
Stephanie Rader, world co-head of Alternate options Capital Formation at Goldman Sachs Alternate options, added: “Much like the US, we’ve seen important investor demand for an open-ended semi-liquid personal credit score product and we’re constantly growing options to fulfill that demand.”
Asset managers have more and more been increasing into the wealth market to diversify their sources of funding and meet their development ambitions.
Earlier this month, Carlyle launched a personal credit score fund for rich people, following the likes of Blackstone and Ares Administration into this house.
Apollo International Administration is seeking to increase $50bn (£39.8bn) from the wealth market for its personal capital merchandise by 2026.
And France’s Eurazeo is launching a personal debt fund that can be open to retail buyers within the second half of 2024.
