The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York CityNEW YORK - U.S. investment bank Goldman Sachs is muscling into the lending market for private equity and asset managers, planning an overseas expansion as it helps fill a void left by turmoil at regional banks and the sale of Credit Suisse.
The Signature portfolio included loans to private-equity firms and venture capital funds, a key part of its client base, to manage their working capital, known as capital call facilities or subscription line loans. Citigroup reduced lending in this market, it said on an earnings call last July, citing an effort to improve returns. The bank declined to comment.
PNC, a large regional lender based in Pittsburgh, Pennsylvania, acquired last year a portfolio of capital commitments facilities from Signature.