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Goldman Sachs BDC
Goldman Sachs BDC, Inc. launched in 2012 as a publicly listed business development company that gives public-market investors access to middle-market debt...
Goldman Sachs BDC
Goldman Sachs BDC, Inc. launched in 2012 as a publicly listed business development company that gives public-market investors access to middle-market debt deals originated through Goldman Sachs' private credit network. Co-CEOs Alex Chi and David Miller co-manage the portfolio alongside the broader Goldman Sachs Asset Management platform, leveraging a sourcing apparatus that includes roughly 150 investment professionals across the US. The vehicle provides direct senior secured loans to companies ignored by broadly syndicated markets. The portfolio concentrates on first-lien floating-rate loans, with additional exposure to second-lien and mezzanine debt. Weighted-average yield on the debt portfolio has consistently exceeded 10 percent in recent reporting periods (per SEC filings, 2024). Core allocations include enterprise software, healthcare services, and industrial technology. Representative portfolio companies tracked through regulatory disclosures include cybersecurity provider Optiv Security, insurance platform Asurion, and consumer-facing restaurant group P.F. Chang's — reflecting the BDC's appetite for established, cash-flowing businesses with defensible market positions. Geographic deployment skews heavily toward the US with limited European inflections. As a BDC, the firm operates under a regulated asset coverage requirement while distributing a majority of taxable income as dividends. The structure serves Goldman Sachs' dual objective of maintaining a permanent capital base for illiquid corporate lending while offering yield-oriented public investors a conduit into the bank's broader sponsor-backed deal flow. In February 2024, the firm amended its senior secured revolving credit facility, increasing total commitments and renewing the maturity schedule — reinforcing access to supplemental liquidity for portfolio construction. The structural differentiator is the embedded origination pipeline: the BDC does not source independently but co-invests alongside and through Goldman Sachs' institutional private credit platform, including the GSAM Private Credit Group. Deal flow arrives pre-screened from a $110 billion-plus global alternatives franchise, making the BDC one of the few publicly traded vehicles that systematically absorbs the originating bank's proprietary credit pipeline within a regulated 1940 Act framework.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Alex Chi
Co-Chief Executive Officer and Co-Chief Investment Officer
David Miller
Co-Chief Executive Officer and Co-Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Goldman Sachs BDC?
Alex Chi and David Miller serve as Co-Chief Executive Officers and Co-Chief Investment Officers. Both are senior members of Goldman Sachs Asset Management's Private Credit Group and rely on an investment committee within Goldman's structured credit platform for formal approval on portfolio allocations.
How does Goldman Sachs BDC source its deal flow?
The BDC sources exclusively through Goldman Sachs' broader origination machine — specifically the private credit and investment banking divisions. This arrangement means portfolio companies are typically sponsor-backed, pre-screened by Goldman's sector teams, and introduced through the bank's ongoing private equity relationships. The BDC does not maintain an independent business development team.
Is Goldman Sachs BDC structured as a single family office or does it operate more like a credit fund?
Neither. It is a publicly traded business development company regulated under the Investment Company Act of 1940. It raises permanent equity capital in the public markets and uses that pool, alongside leverage, to originate and hold middle-market corporate loans — a structure designed to capture spread income rather than management fees.
What investment structure dominates the portfolio — direct loans, fund commitments, or something else?
Direct originated senior secured loans, overwhelmingly first-lien floating-rate instruments. The BDC also holds select second-lien and mezzanine positions. It does not commit to third-party private credit funds; all credit exposure is held directly on balance sheet.
Which sectors does Goldman Sachs BDC explicitly avoid?
The BDC avoids early-stage venture lending, volatile commodity-exposed industries, and businesses with under $15 million in EBITDA at entry. It also historically carries minimal exposure to real estate lending or highly cyclical manufacturing.
What separates Goldman Sachs BDC from other publicly traded BDCs?
The BDC's key advantage is the Goldman Sachs wide-body origination funnel, which feeds pre-negotiated deal flow into a regulated vehicle that other BDCs are forced to source organically. This arrangement eliminates the cold-call business development headwind that defines most independent BDC platforms.
How is portfolio credit quality monitored?
The firm marks loans quarterly and reports non-accrual rates as a share of total portfolio. Goldman Sachs' central credit risk function oversees portfolio surveillance alongside the investment team, with writedowns flagged in SEC filings. Recent non-accrual rates have run at the low end of the BDC peer set.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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