ANALYSIS: Lenders Shrink From Goldman Sachs’ Private Credit Fund

Lenders reduced commitments to Goldman Sachs BDC, Inc. in early May in an amendment to one of its senior secured revolving credit facilities. The amendment added a ‘Serta’ liability management blocker amid the broader scare that has rocked private credit.

Having received an uptick in non-accruals and a Fitch downgrade of its credit outlook, Goldman’s fund has tried to lower its exposure to riskier borrowers in industries threatened by AI, but revisions to the facility suggest some lenders want out now.

The amendment lowers dollar commitments from $245 million to $175 million, and multicurrency commitments from $1.45 ...