Goldman Sachs in talks to buy $37B credit firm Palmer Square

The significance here is strategic rather than transactional: a bulge-bracket bank moving deeper into securitized credit signals where balance-sheet-adjacent asset management is heading, particularly CLOs, a corner of structured credit that has drawn steady institutional demand. It affects the competitive field for credit managers and the counterparties and investors tied to Palmer Square's vehicles. Whether talks conclude, and on what terms, is the open question — and whether a deal would reshape the firm's existing funds or leave them intact.