Industry growth and why capital quality matters

Welcome back to the Alt Goes Mainstream podcast.

The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.

2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 

The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 

Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.

In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.

This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.

James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.

James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:

• Why all capital coming into the private credit industry is not created equal.
• How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.
• Why James is an “optimistic pessimist.”
• Narrative versus reality in private credit markets today.
• What creates alpha in private credit.
• How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”
• Why many investors are focusing on Europe.
• How the entire platform of Goldman Sachs helps them in private credit.

Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.

Show Notes
00:39 Welcome to the Alt Goes Mainstream Podcast

01:30 James Reynolds' Background

02:44 Evolution of Private Credit

03:12 Direct Origination and Financing Solutions

04:08 Growth in Private Credit Market

05:55 Importance of Origination

06:29 Goldman Sachs' Competitive Edge

08:38 Expanding Universe of Credit

10:22 Harmonization of Goldman Sachs

12:01 Private Credit Deployment Strategies

14:15 Current State of Private Credit

17:16 Building an Investment Culture

18:31 Traits of a Great Credit Investor

20:52 Assessing the Business of Asset Management

22:43 Opportunities in Europe

26:10 Concerns in Private Credit

27:28 Optimistic Pessimism in Private Credit

27:59 Conclusion and Closing Remarks

Editing and post-production work for this episode was provided by The Podcast Consultant.