Goldman Sachs to Launch Private Credit Collective Investment Trust for the Defined Contribution Market

New Private Credit CIT To Be Part of Great Gray’s Panorix Target Date Series

New York, July 21, 2025 – Goldman Sachs Asset Management today announced the introduction of the Goldman Sachs Collective Trust – Private Credit Fund (“GS Private Credit CIT”). The GS Private Credit CIT, created by The Goldman Sachs Trust Company, N.A, is managed by Goldman Sachs Asset Management as the investment adviser. The GS Private Credit CIT provides access to private credit investments for defined contribution (DC) plans through a structure built specifically for retirement portfolios.

The GS Private Credit CIT is designed to offer access to a broad mix of private credit investments by investing in funds managed by Goldman Sachs Asset Management  — including North American and European direct lending and private placements —alongside a liquidity sleeve intended to support certain daily liquidity requirements. It will be available for use in professionally managed portfolios and solutions such as target date funds, multi-manager bond funds and other multi-manager CIT-based solutions such as those used in managed accounts.

“This solution is designed to meet the practical needs of retirement plans,” said Greg Wilson, Global Head of Retirement at Goldman Sachs Asset Management. “By combining our scale and long history as an innovator in private credit with our broad experience in the defined benefit and defined contribution space, we aim to deliver access to attractive investment opportunities in an accessible format for the defined contribution market. We are proud to be part of Great Gray’s vision for a fully integrated retirement solution.”

GS Private Credit CIT Selected for Great Gray’s New Panorix Target Date Series

Great Gray Trust Company, LLC (Great Gray), a leader in collective investment trust solutions, has elected to include the GS Private Credit CIT in the Panorix Target Date Series (Panorix), a retirement-focused investment solution developed by Great Gray in collaboration with leading institutional managers.

Panorix will combine a custom glidepath from BlackRock that strategically allocates across public and private markets, with liquidity and cashflow management from sub-advisor Wilshire Advisors LLC, BlackRock’s index equity, index fixed income and private equity offerings, and the GS Private Credit CIT. The combination will create a strategy that brings to defined contribution plans the investment capabilities previously available primarily to institutions.  

“The addition of private credit completes the vision behind Panorix, a purpose-built retirement solution that brings together institutional-quality public and private markets in one seamless structure,” said Rob Barnett, CEO of Great Gray. “By collaborating with Goldman Sachs, BlackRock and Wilshire, we’re unlocking broader access to sophisticated strategies that were once out of reach for everyday savers -- all while staying anchored to fiduciary standards and participant-first design.”

Private Credit Built for Retirement

The GS Private Credit CIT draws on Goldman Sachs’ $142 billion private credit platform and is managed by the firm’s Multi-Asset Solutions team. The vehicle will benefit from Goldman’s global deal sourcing network and proprietary underwriting capabilities — resources historically available only to institutional investors.

The launch seeks to address rising demand for private credit as a diversifier. As more companies access private markets for financing as they grow, public markets offer a narrower slice of investment opportunities, increasing concentration risk for retirement portfolios. Demand for private credit is accelerating: 22% of plan advisors expect to add private markets to DC plans, according to a May 2025 NAPA Advisor Research study¹.

Supporting the Industry Through Education

Goldman Sachs Asset Management recently launched Goldman Sachs Investment University, a digital education platform offering webinars, research and practical guidance on public and private market strategies. Advisors, plan sponsors and fiduciaries can leverage these resources to learn how to build public and private market retirement portfolios that may improve long-term participant outcomes.

“We believe the growth and development of private market DC strategies is a long-term trend and reflects a broader shift in the capital markets. Innovative solutions have improved the accessibility of these asset classes, and through thoughtful plan design, we believe private market investments can be an important driver to help bridge the retirement savings gap for millions of Americans,” added Chris Lyon, Global Head of Defined Contribution for Goldman Sachs Asset Management.

About The Goldman Sachs Trust Company, N.A.

The Goldman Sachs Trust Company, N.A. (“GSTC”) is a national bank limited to fiduciary activities, with the ability to serve as a fiduciary in all 50 states. GSTC is a full-service corporate fiduciary that leverages the global resources of Goldman Sachs to deliver integrated fiduciary administration and best-in-class investment management services. GSTC has two primary components of its business. First, GSTC offers clients the full range of fiduciary, investment management and administrative support services to trusts, estates and private foundations. Second, GSTC has established a collective trust with funds for use by eligible institutional investors, such as certain qualified employee pension (defined contribution and defined benefit) and profit-sharing plans. 

GSTC is wholly owned by The Goldman Sachs Group, Inc. and is an affiliate of Goldman, Sachs & Co. LLC. 

About Goldman Sachs Asset Management  

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives and multi-asset solutions. Goldman Sachs oversees approximately $3.3 trillion in assets under supervision as of June 30, 2025. Follow us on LinkedIn.

About Private Credit at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the largest investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate, infrastructure, sustainability and hedge funds. Clients access these solutions through direct strategies, customized partnerships and open-architecture programs.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals.

Established in 1996, Private Credit at Goldman Sachs Alternatives is one of the world’s largest private credit investors with $142 billion in assets across direct lending, mezzanine debt, asset-backed and hybrid capital as of March 31, 2025.

About Great Gray Trust Company

Gray Trust Company, LLC (Great Gray), a leading provider of trustee and administrative services to Collective Investment Trusts (CITs), managing over $210 billion across more than 770 funds as of March 31, 2025. Great Gray is committed to innovation and growth in the retirement planning sector, delivering solutions that offer efficiency, value and growth opportunities to retirement professionals and their clients.

Great Gray Trust Company, LLC serves as Trustee for the Panorix Target Date Series (Funds), a bank collective investment trust, and maintains ultimate fiduciary authority over the management of, and investments made in, the Funds. The Trustee has hired Wilshire Advisors LLC as sub-advisor to assist it in managing the Funds, and has hired BlackRock Financial Management, Inc. as Glidepath Manager to provide strategic asset allocation guidance for the Funds. The Funds will invest in a private equity CIT managed by BlackRock and a private credit CIT trusteed by The Goldman Sachs Trust Company, N.A. and advised by Goldman Sachs Asset Management. The Funds are not mutual funds as the Funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively.

 

 

¹  NAPA Advisor Research Institute (NARI): Private Markets in DC Plans. Published May 2025.