Goldman Sachs AM Launches Private Credit Fund for Europe’s Rich

Goldman Sachs Asset Management LP has launched its first European private credit fund for wealthy individuals, joining the race to draw the region’s rich into a rapidly-expanding industry.

The direct-lending fund — which has already raised more than €550 million ($594 million) from investors — provides senior debt to mid-sized and large European businesses, typically in non-cyclical industries, according to a statement seen by Bloomberg News. The fund, called GSEC, has already invested in 23 companies.

“We continue to see the European private credit market as an active source of stable returns for investors,” James Reynolds, global head of ...