Goldman Sachs' Minnis on Public vs. Private Market Growth and Valuations

Goldman Sachs' Christina Minnis believes both private and public markets will continue to grow, despite current valuations. Minnis sees opportunities in the global acquisition finance market and notes that valuations are not a concern for her. She believes the growth of both markets is not hindered by any factors.

In a significant move, a group of private credit firms led by HPS Investment Partners has provided over $3 billion in debt to Consumer Cellular Inc. to refinance its broadly syndicated loans and pay a dividend to its private equity owner, GTCR. According to sources familiar with the transaction, the financing package includes a roughly $3.4 billion term loan, a $200 million revolver, and $525 million of preferred equity [1].

The financing deal involved more than 10 firms, including Blackstone Inc. and Public Sector Pension Investment Board (PSP Investments). Representatives for Blackstone, PSP Investments, HPS, and GTCR declined to comment on the transaction, as did a representative for Consumer Cellular.

Consumer Cellular had around $2.8 billion of broadly syndicated debt as of last year, according to a report from Moody’s Ratings. The company has been under pressure to distribute cash to its investors, leading to increased debt financing, known as dividend recapitalizations [1].

Goldman Sachs' Christina Minnis believes both private and public markets will continue to grow despite current valuations. She sees opportunities in the global acquisition finance market and notes that valuations are not a concern for her. Minnis believes the growth of both markets is not hindered by any factors [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-05-21/hps-leads-over-3-billion-of-private-debt-for-consumer-cellular
[2] https://www.goldmansachs.com/insights/pages/goldman-sachs-views/