Goldman Sachs Alternatives has surpassed $10bn (£7.6bn) in assets for its evergreen European private credit strategy.

The global asset manager launched the fund in October 2023 as part of its European senior direct lending platform. It allocates to investments alongside the firm’s flagship closed-ended senior direct lending family of funds.

The strategy’s portfolio currently has exposure to more than 400 companies, including private credit loans to more than 100 firms.

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“This latest milestone for our European evergreen direct lending strategy is a testament to the opportunity-set that exists in the region’s private credit market today, as well as the client partnerships that we have built in the three years since the strategy’s launch,” said Stephanie Rader, global co-head of alternatives capital formation at Goldman Sachs Alternatives.

The fund is part of the firm’s $230bn credit alternatives business, with its private credit platform having invested in the European direct lending market since 1996.

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Goldman Sachs Asset Management’s broader alternatives business has $706bn in assets, the firm said.

“Ongoing evolution of the private credit market has created opportunities for deeper engagement with our existing and prospective investor base, and we look forward to continuing the meaningful dialogue around how these investors engage with the asset class, particularly as evergreen structures become increasingly established,” Rader added.

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