Goldman Sachs’ chairman and chief govt David Solomon has hailed the alternatives in personal credit score.
Talking on the UBS Monetary Companies Convention in New York, Solomon mentioned that Goldman Sachs sees an unlimited alternative in personal credit score.
“There’s a narrative that non-public credit score disintermediates banks however I feel that’s overstated,” he mentioned.
“We have now a capability to benefit from the truth that we sit in each worlds and I feel that may be very highly effective for us.”
Learn extra: Personal markets progress boosts Schroders’ AUM
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 really world and we’re in personal fairness, progress fairness, credit score and infrastructure,” added Solomon.
Learn extra: JPMorgan in talks to increase its personal credit score enterprise
“Only a few individuals have that full functionality with very sturdy efficiency throughout the spectrum of merchandise.”
Goldman Sachs has raised $250bn in alternate options over the past 5 years and Solomon mentioned the financial institution expects to boost one other $40bn to $50bn this yr, and can then proceed to boost alternate options going ahead.
Learn extra: European personal debt offers rebounded at finish of 2023
