Goldman Sachs raises $15.2 billion for mezzanine fund

view original post

Goldman Sachs Asset Management closed West Street Mezzanine Fund VIII on $11.7 billion of equity, with a total fund size of $15.2 billion including expected long-term financing.

To date, the fund has invested or committed about $4 billion across 13 portfolio companies, GSAM announced in a Jan. 12 news release.

Managed by GSAM’s private credit business led by James Reynolds and Kevin Sterling, managing directors and global co-heads of private credit, West Street Mezzanine Fund VIII focuses on “direct origination of junior fixed-income investments in high-quality, private equity-backed businesses, leveraging the firm’s deep relationships with leading financial sponsors,” according to the news release.

CalPERS is one of the larger investors in the fund. In a June staff report, the $441.4 billion California Public Employees’ Retirement System, Sacramento, disclosed a commitment of $2 billion to West Street Mezzanine Partners VIII, $600 million to West Street Mezzanine Partners VIII Co-Investment Partners and $500 million for a pro rata co-investment to West Street Mezzanine Partners VIII.

GSAM has not disclosed other investors. Spokeswoman Mary Athridge could not be immediately reached for further information.