Goldman Sachs Announces BDC Merger, Names New Leadership
Goldman Sachs announced a definitive merger agreement to consolidate two of its credit-focused business development companies, or BDCs. Under the terms of the new deal, Goldman Sachs Middle Market Lending Corp. II, or MMLC II, will merge with Goldman Sachs Private Credit Corp., or GSCR, with GSCR continuing as the surviving entity.
The merger is expected to close in the fourth quarter of 2025, pending shareholder approval and regulatory clearances. The transaction is structured as a cash merger, with MMLC II shareholders receiving a per-share cash payout based on the fund’s net asset value as calculated shortly before closing. The merger was unanimously approved by both companies’ boards.
Coinciding with the merger, Alex Chi, who served as co-chief executive officer and co-president of both GSCR and MMLC II, announced his resignation, effective Aug. 7, 2025. His departure is not tied to any disagreements with the firms. Chi will remain in place during the transitionary period.
Industry veteran Vivek Bantwal will replace Chi, assuming the role of co-CEO across GSCR, MMLC II, and several other related entities. Bantwal joined Goldman Sachs in 1999, and he currently serves as global co-head of private credit at Goldman Sachs Asset Management and brings over 25 years of experience, including leadership positions in investment banking and capital markets. He holds a bachelor’s degree in economics from the Wharton School of the University of Pennsylvania.
Additionally, Tucker Greene, the current chief operating officer, has been named president of GSCR, MMLC II, and several other related entities. He will maintain his operational role during and after the transition.
In related news, GSCR also announced that the firm has raised nearly $335 million through the private sale of more than 13.3 million unregistered Class I shares.
The company also stated that, as of June 30, the company’s NAV was approximately $7 billion with a NAV per share of $25.07.
As of the same date, the distribution yield for Class I shares was 9.1%, with a monthly distribution of $0.19 per share. The June distribution will be paid on or about July 29, 2025, to stockholders of record as of the opening of business on June 30, 2025. It will be paid in cash or reinvested in shares for stockholders participating in the company’s distribution reinvestment plan.
Fund leverage was reported at 0.4x, as of June 30, 2025.
The firm also reported that, as of June 30, it has delivered a 10.4% total return based on NAV since inception in April 2023 and a 4% return year-to-date.
The merger of the two BDCs may be expected to streamline operations while also expanding scale. As previously reported by AltsWire, BDCs have played an important role in alternative investment fundraising this year.
This merger follows closely on the news that the Goldman Sachs Real Estate Finance Trust Inc., a non-traded real estate investment trust, recently expanded its portfolio to include multifamily and industrial properties.
Goldman Sachs is a full-service broker-dealer engaged in market making, execution services, and underwriting, with headquarters in New York City. It has approximately 8,000 registered individuals among its 34 branches.
Click here to visit the AltsWire directory page.
