(Reuters) - Goldman Sachs Asset Management's alternative investments platform said on Wednesday its latest fund had raised more than $20 billion for senior direct lending.

The fund, West Street Loan Partners V, is targeting to back private equity-backed global businesses and has already invested or committed $4 billion across 37 portfolio companies to date.

Direct lending is a key part of private credit, which has boomed in recent years, as non-bank entities face fewer regulatory hurdles than traditional lenders.

Reuters reported in March that Goldman Sachs ( GS ) aims to expand its private credit portfolio to $300 billion in five years from the current $130 billion.

Loan Partners V, the latest in a series of flagship large-cap senior direct lending vehicles for Goldman Sachs Alternatives, closed on $13.1 billion of equity capital, long-term asset financing along with Goldman Sachs ( GS ) balance sheet commitment.

Additionally, the firm also secured $550 million in co-investment vehicles and $7 billion in large-cap senior direct lending managed accounts.

The fund, managed by the private credit business within Goldman Sachs Alternatives, raised capital from existing and new investors along with commitments from Goldman Sachs ( GS ) and its employees.

"The market for senior direct lending continues to benefit from the growing demand from financial sponsors," said James Reynolds, global head of direct lending for Goldman Sachs Alternatives.