Regulators also have the industry in their crosshairs.
A mass defection at Barings LLC over compensation has startled the industry.
Private credit has boomed into one of Wall Street's fastest growing industries.
Fund managers in this market are often valuing their loans more generously than others do.
Banks have begun trying to win back deals away from private lenders by sweetening terms and cutting pricing.
The asset manager has been one of the loudest prophets of doom on private credit.
Sovereign wealth funds and others want to unlock their previous investments before putting in more money
The revamp comes as Goldman's rivals scramble to respond to the rise of the new asset class.
M&A activity has slumped this year in part because of spiraling interest rates.
Ninety percent of surveyed investors believe the private debt market has met or exceeded their expectations over the past year.
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