NEW YORK, September 27, 2023 Goldman Sachs Asset Management (“Goldman Sachs”) and OMERS, one of Canada’s largest defined benefit pension plans, today announced the launch of a separately managed account (“Partnership”) in which OMERS will invest alongside Goldman Sachs in private credit opportunities throughout the Asia Pacific region.
The Partnership will be managed by the Private Credit Asia business within Goldman Sachs Asset Management, with a dedicated on-the-ground team across multiple Asia markets. The Private Credit Asia team sits within the broader Private Credit global team of more than 165 seasoned credit investment professionals overseeing more than $100 billion in assets under management (AUM), drawing on the expertise of the wider platform and resources of Goldman Sachs to source investments and add value to portfolio companies. The Partnership between OMERS and Goldman Sachs strengthens the already deep and longstanding relationship shared by the two firms, now expanding to the Asia region.
The Partnership will aim to deploy in customized private credit solutions to high quality companies and reputable global and regional sponsors throughout the Asia Pacific region. The Partnership is primarily expected to invest in the senior direct lending space, with additional flexibility to invest in mezzanine and/or hybrid opportunities.
Since 1998, Goldman Sachs has invested across multiple APAC markets, including Australia and New Zealand, India, Southeast Asia, China, Korea and Japan. This Partnership marks the first external capital raised for an Asia Pacific focused Private Credit Partnership for Goldman Sachs Alternatives.
James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management, said: “We are incredibly excited to partner with OMERS and its Global Credit team on the Asia Credit focused Partnership. We see significant demand in the region by companies and sponsors alike, with this mandate we will continue to invest in new opportunities seeking bespoke credit solutions. We believe our differentiated approach through sourcing and our dedicated on-the-ground presence allows us to position ourselves to best identify investment opportunities that drive attractive risk-adjusted returns.”
Kal Patel, Executive Vice President and Head of Global Credit at OMERS said: “Private credit remains an attractive area within the credit space globally, and the expansion of our existing relationship with Goldman Sachs into Asia will positionus well to further unlock these opportunities. Asia is a growth region for OMERS, and we look forward to working alongside Goldman Sachs to achieve our long-term targets as well as participate in the growth of the direct lending markets in Asia.”
About Goldman Sachs Asset Management Private Credit
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2.7 trillion in assets under supervision worldwide as of June 30, 2023. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1996, the Private Credit business within Goldman Sachs Asset Management is one of the world’s largest private credit investors with over $100 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. Our deep industry and product knowledge, extensive relationships and global footprint position us to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size. Follow us on LinkedIn.
About OMERS Global Credit
OMERS Global Credit seeks to deliver long-term and sustainable returns by investing across public and private credit strategies including liquid securities and structured investments, both directly and alongside best-in-class asset managers and direct lenders. It provides long-term, strategic and/or opportunistic capital to companies and partners in order to generate attractive risk-adjusted, stable cash returns for OMERS.
OMERS is a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate. Follow us on LinkedIn.
