Goldman Sachs has launched a new unit to help it expand further in the fast growing world of private credit. The investment bank said Monday it had combined three businesses within its global banking and markets unit to create the new Capital Solutions Group,

Chairman & CEO David Solomon calls private credit's growth “one of the most important structural trends taking place in finance.”

Goldman Sachs said it will combine three key businesses in its global banking and markets division into a new unit designed to better capture the growth in private credit, an increasingly competitive sector dominated by firms like Apollo,