Goldman Sachs Executive Sees Private Credit Market Explode Under Her Watch

Christina Minnis, global head of credit and asset finance at Goldman Sachs, has played a key role in growing the private debt market from $357 billion to a projected $1.5 trillion to $2 trillion as of 2024.

The firm's GS Mezzanine Partners I fund was launched in 1996 with $1.2 billion, and Minnis notes that regulators required tougher underwriting standards following the 2008 financial crisis, propelling private credit into a viable option for borrowing.

'What really caused the growth in the private credit market was that very good credit pickers could make credit decisions that were based on doing really good diligence and not listening to whether a regulator said this works or doesn't work for a regulated entity,' Minnis explained, adding that Goldman Sachs was one of the first movers in this market.

Under her leadership, revenue from fixed-income, currencies, and commodities at Goldman rose 13% to $4.25 billion in 2025, while debt-underwriting revenue climbed 12% to $2.83 billion.