Goldman Sachs Asset Management is making a preferred equity investment in private debt direct lending firm Varagon Capital Partners to support its further growth, a joint news release said.
With $15.1 billion in assets under management as of March 31, Varagon originates senior loans for private equity-backed, U.S. middle-market companies. Varagon executives plan to use the capital investment to expand its business and launch new vehicles. Varagon declined to comment beyond the news release, according to a spokeswoman.
GSAM is making the investment through one of its secondary market funds. GSAM declined to comment beyond the news release.
The size of GSAM's equity investment was not disclosed.