May 29 Reuters Goldman Sachs Asset Management39;s alternative investments platform said on Wednesday its latest fund had raised more than 20 billion for senior direct lending.

The fund, West Street Loan Partners V, is targeting to back private equitybacked global businesses and has already invested or committed 4 billion across 37 portfolio companies to date.

Direct lending is a key part of private credit, which has boomed in recent years, as nonbank entities face fewer regulatory hurdles than traditional lenders.

Reuters reported in March that Goldman Sachs aims to expand its private credit portfolio to 300 billion in five years from the current 130 billion.

Loan Partners V, the latest in a series of flagship largecap senior direct lending vehicles for Goldman Sachs Alternatives, closed on 13.1 billion of equity capital, longterm asset financing along with Goldman Sachs balance sheet commitment.

Additionally, the firm also secured 550 million in coinvestment vehicles and 7 billion in largecap senior direct lending managed accounts.

The fund, managed by the private credit business within Goldman Sachs Alternatives, raised capital from existing and new investors along with commitments from Goldman Sachs and its employees.

The market for senior direct lending continues to benefit from the growing demand from financial sponsors, said James Reynolds, global head of direct lending for Goldman Sachs Alternatives.

Reporting by Arasu Kannagi Basil in Bengaluru; Editing…