Goldman Sachs buys FGI as working capital finance attracts private capital

Goldman Sachs Alternatives has acquired FGI Worldwide, giving the investment group a stronger position in working capital finance, asset-based lending and trade credit insurance.

FGI provides financing and risk mitigation tools for businesses operating across multiple jurisdictions. Its activities include asset-based lending, credit insurance management and technology used to support commercial finance workflows.

The acquisition is significant because it shows continued institutional interest in specialist working capital platforms. Banks remain important lenders, but private capital is increasingly moving into areas where businesses need flexible financing against receivables, inventory and insured trade flows.

FGI’s business sits at the intersection of commercial finance, risk transfer and insurance technology. That combination is becoming more attractive as companies face longer payment cycles, higher borrowing costs and more complex cross-border trade conditions.

Goldman Sachs said the deal will support FGI’s expansion and product development. Financial terms were not disclosed.

For the wider market, the transaction suggests that working capital finance is becoming a more strategic asset class for large alternative investment managers.

It also comes at a time when SMEs and mid-market companies are looking beyond standard bank products for liquidity. Specialist platforms that combine finance, insurance and operational data are likely to play a larger role as trade becomes more fragmented.