Goldman Sachs has amassed more than $20bn to invest in private credit, giving it firepower to push ahead in one of the fastest-growing corners of the asset management industry.

The group on Wednesday said its asset management arm had raised $13.1bn for its fifth and largest senior direct-lending fund, known as Wall Street Loan Partners V. It will rank among the largest dedicated funds to write loans to companies across the globe, with a growing number of businesses turning to these non-bank lenders for capital.

The $13.1bn sum includes money Goldman has raised from external investors, as well as bank loans and backing from the group’s own balance sheet. It has raised a further $7bn from investors for separately managed accounts that will invest with the same strategy and $550mn in co-investment vehicles that will lend alongside the fund.