Goldman Sachs Private Credit Corp. Draws $154 Million as Net Assets Reach $9.4 Billion
Nearly all of the new capital came through Class I shares, which carry no stockholder servicing fee, while the two classes Goldman opened earlier this year drew comparatively little.
Goldman Sachs Private Credit Corp. took in about $154.2 million through Class I shares in its latest monthly issuance, with the non-traded business development company’s net assets standing at roughly $9.4 billion at the end of July.
The shares were sold as of August 1, with final counts fixed on August 19 and placement made through subscription agreements. The three classes drew sharply uneven interest:
- Class I — 6,270,805 shares for about $154.2 million;
- Class S — 60,395 shares for roughly $1.5 million;
- Class D — 305 shares for roughly $8,000.
The offering relied on the private-placement exemptions of Section 4(a)(2) of the Securities Act together with Regulation D and Regulation S, with buyers representing themselves as accredited investors or non-U.S. persons. The lopsided split reflects how young the other two classes are: Class S shares were first issued on February 1 and Class D on March 1 of this year, and both carry stockholder servicing and distribution fees that Class I does not.
July distribution
The board declared the July distribution back on May 6 at $0.1850 per share across all three classes. After servicing fees of $0.0175 for Class S and $0.0051 for Class D, net amounts came to $0.1675 and $0.1799 respectively, with Class I holders receiving the full gross figure.
Class I carried an annualized distribution yield of 9.0 percent; the company listed the yield for the two newer classes as not available. Payment is due on or about August 28 to holders of record as of July 31, in cash or reinvested for participants in the distribution reinvestment plan.
Performance and balance sheet
Class I shares returned 0.8 percent for July, 2.0 percent over three months, 3.7 percent year-to-date and 7.3 percent over one year, with an annualized 9.4 percent since the company began operating in April 2023. Class S and Class D returned 2.7 percent and 3.2 percent since their launches earlier this year.
Net asset value per share stood at $24.59 across all three classes at July 31, edging up from the level reported a month earlier. The investment portfolio was valued at approximately $18.0 billion, and fund leverage measured 0.9 times average net assets for the month.
The disclosures carry the signatures of both co-chief executives, Vivek Bantwal and David Miller. Miller is due to give up the co-CEO title at the end of the year, leaving Bantwal as sole chief executive.
