Phillip Street Middle Market Lending

Phillip Street Middle Market Lending Fund LLC is a Delaware limited liability company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, with Goldman Sachs Asset Management, L.P. (GSAM) serving as the Investment Adviser. The fund is part of Goldman Sachs' broader private credit platform and is managed by one of the world's most prominent institutional asset management organizations, bringing the analytical resources, deal origination capabilities, and credit risk management expertise of Goldman Sachs to bear on the private middle market lending opportunity set. BDCs were created by Congress to facilitate capital formation by encouraging the flow of private investment capital to smaller and emerging growth companies, and Phillip Street Middle Market Lending Fund LLC participates in this mission by providing directly sourced private credit solutions.<br><br>The fund commenced operations in the fourth quarter of 2022 and focuses on directly originated lending opportunities spanning a spectrum from lower middle market companies to large capitalization borrowers, providing flexibility to deploy capital across a wide range of deal sizes and credit situations. Direct lending BDCs like Phillip Street Middle Market Lending Fund typically originate floating rate secured loans to middle market companies — businesses that are too large for community bank lending but may not have ready access to the broadly syndicated leveraged loan market — earning interest income and origination fees that generate distributions for fund investors. Goldman Sachs Asset Management's platform provides Phillip Street with access to a broad deal origination network across corporate, sponsor-backed, and asset-based lending transactions.<br><br>Phillip Street Middle Market Lending Fund LLC filed a Form 10 registration statement on a voluntary basis with the Securities and Exchange Commission, making it a reporting company that files regular 10-K and 10-Q disclosures with the SEC. The fund has subsequently changed its name to Phillip Street BDC LLC in its most recent SEC filings. As part of the Goldman Sachs family of private credit vehicles — which includes Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit II LLC, Goldman Sachs Middle Market Lending Corp. II, and other related entities — Phillip Street benefits from the institutional infrastructure, compliance capabilities, and investment management resources that Goldman Sachs Asset Management applies across its entire private credit platform.