Goldman Unit Buys Kennedy Lewis Stake in Private Credit Bet (2)

Goldman Sachs Group Inc.’s Petershill unit agreed to acquire a minority stake in Kennedy Lewis Investment Management — yet another bet by Wall Street’s biggest firms in the continued growth of the market for private assets.

Petershill, which specializes in buying stakes in alternative-asset managers, will own about 40% of the credit investment firm’s management company and receive roughly 30% of the carried interest from its funds, according to people with knowledge of the matter.

Financial companies are snapping up minority stakes in private-investment firms at a rapid clip amid efforts to expand into more lucrative markets. Goldman ...