Goldman Sachs Group Inc.’s is reshuffling senior executives in its private credit unit in order to double the size of the business in the medium term, according to a report by Bloomberg. The company’s private credit unit is worth $110bn.
The report quotes senior management from the firm, confirming the staff moves. According to a staff memo cited in the report, Greg Olafson will become global head of private credit from his current role as co-president of alternatives while James Reynolds will become the bank’s global head of direct lending. Kevin Sterling will become global head for investment-grade private credit and asset finance. Reynolds and Sterling are currently co-heads of private credit.
The latest changes come as Goldman seeks to retain that advantage — and as its rivals scramble to respond to the rise of a new asset class that competes directly with their leveraged finance business, the report added.
