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The Wall Street giant has started allowing certain asset-management clients—namely insurance companies—to invest alongside it when it loans money to borrowers including private-credit funds and nonbank lenders such as mortgage providers. The move is part of a plan to roughly double its private-credit assets under management to $300b in the next five years.
The private credit team will determine whether to invest clients’ money in these asset-backed loans after the financing team tells them which deals are available. The cross-divisional effort is part of a long-running push by Goldman Chief Executive David Solomon and President John Waldron to encourage employees to direct business to other units of the bank.
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