08:44 AM EDT, 03/12/2024 (MT Newswires) -- Goldman Sachs Group's ( GS ) Goldman Sachs Asset Management unit is looking to increase its private credit portfolio from its current size of $130 billion to $300 billion in five years, Reuters reported Tuesday, citing the company's global head of asset and wealth management.

At least a third of the $40 billion to $50 billion that the company is planning to raise for alternative investments in 2024 will be used to fund private credit strategies, Marc Nachmann was quoted as saying in an interview.

Nachmann also reportedly said he believes that the size of the wealth management business can double "internationally over the next few years" by focusing on ultra-high-net-worth clients in Europe and Asia.

Goldman Sachs ( GS ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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