Goldman Teams Up With Blackstone to Sell Novel Fund Finance Bond [Yahoo! Finance]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance
(Bloomberg) -- Goldman Sachs Group Inc. has teamed up with Blackstone Inc. to package private fund loans into bonds, a novel form of debt that banks could look to sell more of in the future. Most Read from Bloomberg The pair last week sold $475 million in bonds backed by loans that banks make to investment funds, according to a person with knowledge of the matter. These loans exist because private equity and other investment vehicles raise money in the form of commitments from investors to hand over cash when the fund demands it. Loans can help the funds delay asking for liquidity from their investors, which can boost fund return metrics. Goldman Sachs made a group of these loans and packaged them into asset-backed securities. Blackstone bought the riskiest part of the deal, said the person, who asked not to be identified discussing a private transaction. This securitization creates a bridge between the fund finance world and the public asset-backed securities market, a link
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Earnings
- 10/16/24 - Beat
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Sec Filings
- 10/17/24 - Form 424B2
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