In the latest move from a money manager to get alternative investments in retirement portfolios, Goldman Sachs Asset Management announced Monday it is building a private credit product structured as a collective investment trust (CIT) for 401(k) plans.
“This solution is designed to meet the practical needs of retirement plans.”
Greg Wilson, Goldman Sachs Asset Management
The Goldman Sachs Collective Trust – Private Credit Fund (“GS Private Credit CIT”), created by The Goldman Sachs Trust Company, N.A, is managed by Goldman Sachs Asset Management as the investment adviser, Monday’s announcement revealed. It is set to launch in the fourth quarter of 2025.
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.
Great Gray Trust Company has elected to include the GS Private Credit CIT in the Panorix Target Date Series, a retirement-focused investment solution developed by Great Gray in collaboration with leading institutional managers.
“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.”
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 during a time of loosening government regulation under the Trump administration. Today’s release noted that 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.
The release also noted that 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 study.
Ramping up education
To address the need for education surrounding private market strategies, Goldman Sachs Asset Management recently launched Goldman Sachs Investment University. The digital education platform offers 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,” said Chris Lyon, Global Head of Defined Contribution for Goldman Sachs Asset Management. “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.”
SEE ALSO:
• Private Equity’s Fast Lane to 401(k)s
• Blue Owl Entering 401(k) Market in Collaboration with Voya
• Sen. Warren Pushes Back on Empower’s Response to Private Market Exposure