Goldman hunts for credit volume

Goldman Sachs Group Inc. is said to have taken on the role of lead bidder in advanced talks to acquire Palmer Square Capital Management, according to an article from Bloomberg News, published Tuesday, September 22, 2026, and written by Sridhar Natarajan. The news has since been picked up by Reuters-affiliated news services as well as Nasdaq/RTTNews, which originally reported on the talks.

It is important to stress that no final agreement has been reached. Sources familiar with the matter tell Bloomberg that the negotiations could still fall apart, and that nothing has been formally confirmed by either party. Both Goldman Sachs and Palmer Square declined to comment when contacted by Bloomberg.

Goldman Sachs in Acquisition Talks Over $37 Billion in Credit Capital - Bilde 1

Who is Palmer Square?

Palmer Square Capital Management is a Kansas-based credit manager founded and run by spouses Chris Long and Angie Long. The company today manages around $37 billion across various credit strategies, and also operates the publicly listed business development company Palmer Square Capital BDC Inc. (NYSE: PSBD).

The core of the business is collateralized loan obligations (CLOs) — securities built on packages of syndicated corporate loans. Approximately $27 billion of the assets under management is concentrated in this type of instrument.

$37 billion
Palmer Square's total assets under management
$27 billion
Share in CLO strategies
$1.3 trillion
Size of the US CLO market
Goldman Sachs in Acquisition Talks Over $37 Billion in Credit Capital - Bilde 2

A rapidly growing market

The US CLO market has grown sharply over the past fifteen years and has now surpassed $1.3 trillion in value, a fourfold increase from earlier levels. Institutional investors are increasingly seeking out this type of credit product for stable, long-term fee income — making the segment attractive to large financial firms looking for more predictable revenue streams than traditional investment banking can provide.

Goldman has historically lagged behind competitors in securitized credit issuance — a gap the group now appears to be seeking to close through acquisition.

Solomon's strategy for asset management

A potential acquisition of Palmer Square would strengthen Goldman Sachs' broader asset management platform, which today manages around $4 trillion globally. CEO David Solomon has previously signaled at industry conferences that the bank is actively seeking targeted acquisitions to close product and operational gaps within its asset management division.

Over the past year, Goldman Sachs has made several similar acquisitions — including of specialized ETF issuers, commercial real estate managers, and venture capital platforms — to broaden its offering. An acquisition of a renowned CLO player like Palmer Square would follow the same pattern, giving the bank immediate scale in a segment where demand from institutional investors has been rising.

What does this mean for Norwegian investors?

The story has no direct connection to Norwegian markets, but the development is relevant for Norwegian institutional investors and pension managers with exposure to US credit markets to follow. Consolidation among major CLO managers can affect the pricing and availability of such products for international buyers as well, as fewer and larger players control an increasing share of the market. This is something asset management circles in Oslo should keep on their radar when assessing allocation to US credit risk.

Uncertainty remains

Although the talks are described as advanced, there remains significant uncertainty about whether and when a deal might be signed. Neither Goldman Sachs nor Palmer Square has confirmed details regarding price, structure, or timeline for a potential acquisition. The market will likely be watching closely for further leaked details in the coming weeks.