Goldman Sachs Asset Management and Ontario Municipal Employees' Retirement System, Toronto, have teamed up to launch a separately managed account that will invest in private credit opportunities across the Asia-Pacific region.
The partnership will be managed by GSAM's Private Credit Asia business and will include an on-the-ground team across multiple Asia markets, said a Sept. 27 news release.
The partnership is primarily expected to invest in the senior direct lending space, as well as in mezzanine and/or hybrid opportunities, the release indicated.
The Private Credit Asia team is part of its broader private credit global team comprising more than 165 credit investment professionals overseeing more than $100 billion in assets under management, GSAM said in the release.
"Private credit remains an attractive area within the credit space globally, and the expansion of our existing relationship with Goldman Sachs into Asia will position us well to further unlock these opportunities," said Kal Patel, executive vice president and head of global credit at OMERS, in the release.
Patel added that Asia is a "growth region" for OMERS and that the pension fund seeks to "participate in the growth of the direct lending markets in Asia."
GSAM had $2.7 trillion in assets under supervision as of June 30.
OMERS had total net assets of C$127.4 billion ($96.1 billion) as of June 30.
As of June 30, OMERS had 18% of its assets in credit. By geography OMERS had 11% of its assets in the Asia-Pacific region.
OMERS and GSAM have partnered before, For example, in July 2021, the two parties, along with AXA Investment Managers, agreed to acquire Amedes Group, a European provider of medical diagnostics services.
GSAM and OMERS both declined to comment further.