Goldman Sachs Nontraded BDC Raises $750M in Investment-Grade Bond Sale

Goldman Sachs Private Credit Corp., known as GS Credit, a publicly registered nontraded business development company, raised $750 million through a bond sale on April 14. The offering makes GS Credit the second private credit fund to tap the investment-grade debt market this week, following a $400 million bond issuance by a Blue Owl Capital fund.

The five-year notes from GS Credit priced at 2.55 percentage points above Treasuries. Investor demand allowed the fund to tighten pricing by approximately 0.3 percent, or 30 basis points, from initial discussions.

According to sources familiar with the transaction, the proceeds are earmarked for general corporate purposes and the refinancing of existing debt. Morgan Stanley served as the sole bookrunner.

The back-to-back offerings from Goldman Sachs and Blue Owl could signal a stabilizing sentiment for the private credit sector. For months, direct lenders have faced headwinds, including concerns that artificial intelligence could disrupt software companies, which comprise a significant portion of direct lending portfolios, and the limiting of redemption requests by many of the industry’s largest BDC peers as investor demand for liquidity surged.

NAV BDC sponsors collectively returned more than $7.4 billion to investors in the first quarter of 2026, with several large funds prorating for the first time.

The fund – which manages approximately $15.7 billion – is largely reliant on institutional capital rather than retail money. As previously reported by AltsWire, GS Credit fulfilled 100% of its Q1 2026 repurchase requests, which totaled 4.999% of outstanding shares and narrowly avoided the standard 5% quarterly cap.

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