Goldman-Backed Firm Raises €2 Billion as Circular Economy Gains

Inside Goldman Sachs Asset Management, a bet made back in 2021 is starting to look increasingly prescient for a world ever-more reliant on recycling.

Adapteo, a company that specializes in modular spaces that can be rapidly assembled and dismantled to suit the changing needs of schools, hospitals and corporate offices, just raised €2 billion ($2.3 billion), spread across green private-placement notes and bank-term loans, as well as revolving credit facilities. Banks and investors offered almost three times the amount raised, Adapteo said.

The company, which sits in the alternative investments unit of GSAM, is betting that a ...