Carlyle and Goldman Sachs invest $1.1bn in Apex Group’s PIK notes

Carlyle’s global credit business and Goldman Sachs Private Credit have jointly committed more than $1.1bn (£867,000) into Apex Group’s new issuance of holdco payment-in-kind (PIK) notes.

The fund administrator said that the two asset managers’ commitment endorses its sustainable growth strategy, following the successful integration of a number of previous acquisitions, continued strong organic growth and technological innovations.

The transaction boosts Apex Group’s leverage and liquidity and will be used to optimise the current platform and strategy, and invest in technology innovation.

Read more: Carlyle credit fund reports 30pc rise in originations in Q1

The new issuance builds on the two firms’ existing relationship with Apex, following an initial preferred equity note in 2020 and a follow-on issuance in 2021.

Apex’s assets on the platform now stand at around $3.1tn, serviced across custody, administration, depositary and under management by over 13,000 employees worldwide.

Read more: Carlyle’s direct lending boss steps down

“We are extremely pleased to further expand our relationship with Carlyle and Goldman Sachs,” said Peter Hughes, founder and chief executive at Apex Group.

“The new issuance validates Apex’s strong business model but will also enable product and geographic expansion as well as further technology investment.”

Read more: Goldman Sachs names new alternative assets boss