Goldman Sachs’ chairman and chief government David Solomon has hailed the alternatives in personal credit score.
Talking on the UBS Monetary Companies Convention in New York, Solomon stated that Goldman Sachs sees an infinite alternative in personal credit score.
“There’s a narrative that personal credit score disintermediates banks however I feel that’s overstated,” he stated.
“We have now a capability to make the most of the truth that we sit in each worlds and I feel that could be very highly effective for us.”
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He additionally confirmed that the asset supervisor holds $230bn (£181bn) in personal credit score belongings.
Solomon’s feedback got here days after it was introduced that Goldman Sachs and Mubadala Funding Firm signed a $1bn deal to co-invest in personal credit score alternatives all through Asia Pacific, with a specific deal with India.
“Our platform is actually world and we’re in personal fairness, development fairness, credit score and infrastructure,” added Solomon.
Learn extra: JPMorgan in talks to broaden its personal credit score enterprise
“Only a few folks have that full functionality with very robust efficiency throughout the spectrum of merchandise.”
Goldman Sachs has raised $250bn in options over the past 5 years and Solomon stated the financial institution expects to lift one other $40bn to $50bn this 12 months, and can then proceed to lift options going ahead.
Learn extra: European personal debt offers rebounded at finish of 2023
