Ex-Goldman Partners Amass $1.6 Billion for Direct-Lending Effort

Private-credit firm 5C Investment Partners, co-founded by two former Goldman Sachs Group Inc. partners, will begin investing after amassing $1.6 billion for senior direct-lending transactions.

The figure includes leverage and a co-investment program, with Liberty Mutual Investments joining Michael Dell’s family office, DFO Management, as an anchor partner, said Tom Connolly and Michael Koester, 5C’s founders and co-managing partners.

5C co-managing partners Tom Connolly, left, and Mike Koester.

Source: 5C Investment Partners

“The private-credit market that we are addressing is nearly $2 trillion in size and growing,” Connolly and Koester said in an emailed statement. “There is plenty of room for private-capital providers as well as banks.”

The firm ...