In a move to benefit from the mounting interest in private debt amongst pension funds and insurers, Goldman Sachs AM has entered private placement debt. The asset manager plans to offer its existing insurance clients proprietary private placement debt deals.
Goldman Sachs’ insurance business manages over $400 billion in insurance assets for over 200 clients. Its business line will provide this client base, along with sovereign wealth funds and pensions, with investment-grade private placement debt.
Mike Siegel, Goldman’s global head of insurance asset management and liquidity solutions: “We think this is such a natural fit for our account base. It was just a gap we should have filled a long time ago. It took us some time to find Jessica [Maizel] in the middle of the pandemic.” Jessica Maizel was hired in 2021 as managing director.