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Goldman Sachs AM launches private credit fund for European HNWIs 

Goldman Sachs Asset Management has launched its first European private credit fund for wealthy individuals, GSEC, which has already raised more than €550m ($594m) from investors, according to a report by Bloomberg. 

According to a statement by Goldman Sachs, the direct-lending fund provides senior debt to mid-sized and large European businesses, typically in non-cyclical industries. GSEC has already invested in 23 companies.

In the statement, James Reynolds, Global Head of Direct Lending at Goldman Sachs Alternatives, said: “We continue to see the European private credit market as an active source of stable returns for investors.”

Goldman Sachs’s launch follows that of alternative investment giant Blackstone earlier this month, which saw the debut of ECRED, its retail private credit fund for French investors, in partnership with multinational bank BNP Paribas. According to the report, Apollo Global Management and Ares Management are also looking into ways to capture Europe’s wealthy within the fast-growing market for alternative investments.

Goldman Sachs’s senior direct lending strategy supervises about $65bn of assets within the firm’s $450bn alternatives division.

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