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Goldman Sachs’ asset management arm has bought a stake in the fast-growing private credit fund Kennedy Lewis Investment Management, as it looks to expand its reach in one of the hottest corners of private markets.

The bank’s Petershill Partners private equity unit on Tuesday agreed to buy more than 20 per cent of Kennedy Lewis, valuing the firm at north of $1bn, said two people with knowledge of the matter.

The Goldman unit is buying the stake from Italian asset manager Azimut, which is exiting completely from Kennedy Lewis.

The move comes as Goldman is trying to build up its asset management business and deepen its reach into alternative investments including private credit to provide a counterbalance to its highly cyclical investment banking and trading businesses.

Kennedy Lewis was founded by David Chene and Darren Richman in 2017, taking its moniker from the pair’s middle names. It has grown rapidly since its founding, hunting for deals in esoteric corners of debt markets.

Kennedy Lewis, Goldman and Azimut could not immediately be reached for comment.

Via

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