Goldman Sachs Secures $6 Billion for a Long-Term European Private Credit Initiative
Goldman Sachs Alternatives' evergreen European private credit strategy, known as GSEC, has successfully raised more than $6bn since its launch in October 2023. The strategy, which focuses on making loans to borrower companies, is primarily located in Europe and forms part of Goldman Sachs' $142bn private credit platform.
James Reynolds, global co-head of private credit at Goldman Sachs Alternatives, has stated that this substantial fundraising represents the opportunity within the European direct lending market and GSEC's differentiated position. The diverse investor base of GSEC includes third-party distributors, family offices, private wealth clients, sophisticated institutions, and Goldman Sachs employees.
The investment objective of GSEC is to generate current income by making investments predominantly in cash pay, floating rate, and directly originated loans to European borrower companies. As of now, the total assets managed by GSEC since its launch are around £4.5bn.
While the exact growth of GSEC since its launch has not been publicly detailed with performance or growth metrics, the global appetite for evergreen products continues to grow, according to information provided. Stephanie Rader, global co-head of alternatives capital formation at Goldman Sachs Alternatives, mentions that the firm is actively engaging with clients regarding partnership aspects, including education, for evergreen products.
For the most current updates beyond this, we recommend checking Goldman Sachs' official investor communications or financial news sources directly.
- James Reynolds, global co-head of private credit at Goldman Sachs Alternatives, suggested that the substantial fundraising for GSEC's European private credit strategy, which aims to generate current income through investments in cash pay, floating rate, and directly originated loans, demonstrates the potential within the European direct lending market and GSEC's unique position.
- The diverse investor base of GSEC, such as third-party distributors, family offices, private wealth clients, sophisticated institutions, and Goldman Sachs employees, indicates a growing global interest in evergreen products, as mentioned by Stephanie Rader, global co-head of alternatives capital formation at Goldman Sachs Alternatives.
