Goldman Sachs Acquires FGI, Targeting SME Financing and Insurtech

NEW YORK, NY – May 12, 2026 – In a significant move that underscores the growing importance of specialized commercial finance, Goldman Sachs Alternatives has acquired FGI Worldwide LLC, a 25-year-old provider of working capital and trade credit insurance solutions. The deal, orchestrated by Goldman's Private Equity business, marks the first institutional investment in FGI and is poised to inject significant capital and resources into the firm, accelerating its growth in serving small and medium-sized enterprises (SMEs) globally.

Financial terms of the transaction were not disclosed. The acquisition also signals a leadership transition, with co-founder Sami Altaher stepping into the role of Chief Executive Officer, succeeding fellow co-founder David DiPiero. This change marks a new chapter for FGI as it moves from a founder-led private company to a key platform within one of the world's largest alternative investment managers.

A Strategic Play in a Niche Market

Goldman Sachs' acquisition of FGI is a deliberate strategic play into the asset-based lending (ABL) and private credit markets, particularly for SMEs—a segment often deemed too complex or small for major commercial banks. As traditional credit markets tighten and interest rates remain volatile, ABL has gained prominence as a flexible and accessible financing alternative. This acquisition allows Goldman Sachs to tap into this burgeoning market through an established player with a proven track record.

Anthony Arnold, a Partner within Private Equity at Goldman Sachs, highlighted the strategic rationale behind the deal. “FGI has built a differentiated offering supported by market-leading underwriting expertise and a technology-driven operating platform,” he stated in the announcement. This sentiment was echoed by Michael Coleman, a Managing Director in the same division, who noted FGI’s “exceptional track record of innovation, growth and credit performance.”

The move aligns with a broader trend of private equity firms and large asset managers entering specialized lending spaces. By acquiring FGI, Goldman Sachs not only gains a portfolio of assets but also a sophisticated origination and servicing engine. FGI's expertise in multi-jurisdictional financing provides a unique capability to support businesses with complex international supply chains, a critical need in today's global economy.

New Leadership and an Expanded Vision

At the heart of the acquisition is a vote of confidence in FGI’s leadership and its future direction. Co-founder Sami Altaher, who has served as President for over two decades, now takes the helm as CEO. His deep institutional knowledge and long-term vision are seen as crucial for navigating the company's next phase of growth under the Goldman Sachs umbrella.

“I am incredibly proud of what we have built at FGI alongside my co-founders David DiPiero and Joseph Albertelli, and I am honored to take on the role of CEO as FGI enters its next phase of growth,” said Altaher. He emphasized a commitment to scaling the business thoughtfully by “investing in our platform and expanding our product capabilities, while remaining committed to serving small and medium-sized enterprises.”

Altaher's vision involves leveraging Goldman’s resources to strengthen FGI's core offerings across its three principal units: FGI Finance (asset-based lending), FGI Risk (credit insurance), and FGI Tech (its Insurtech platform). This integrated structure has been a key differentiator, allowing the company to offer holistic solutions that combine financing with risk mitigation—a powerful combination for businesses navigating uncertain economic conditions.

The Convergence of Finance and Technology

The acquisition is as much about technology as it is about finance. A key asset in FGI’s portfolio is its flagship Insurtech platform, TRUST™, a web-based system that automates the management of trade credit insurance policies. In a market rapidly being reshaped by digitalization, this technology-driven approach was a major draw for Goldman Sachs.

The global trade credit insurance market, valued at nearly $14 billion, is on a steep growth trajectory, fueled by rising insolvencies, geopolitical tensions, and the increasing complexity of global trade. Insurers are racing to integrate AI, data analytics, and digital platforms to streamline underwriting and claims processing. FGI’s established TRUST™ platform positions it ahead of many competitors in this technological race.

With Goldman's backing, FGI is expected to further invest in its tech stack, enhancing its capabilities in real-time risk assessment, data analytics, and automated policy administration. This focus on Insurtech not only improves operational efficiency but also provides a significant competitive advantage in a market dominated by larger, more traditional insurance giants like Allianz Trade and Coface.

Reshaping the Landscape for Global SMEs

Ultimately, the biggest impact of this acquisition may be felt by the small and medium-sized enterprises FGI serves. SMEs are the backbone of the global economy but often struggle to secure the flexible, cross-border financing needed to grow. Traditional bank loans can be rigid, while navigating international trade credit presents a host of challenges.

FGI has built its reputation on providing customized solutions for this underserved market. The infusion of capital and strategic support from Goldman Sachs will enable FGI to expand its reach, increase its lending capacity, and develop new products tailored to the evolving needs of SMEs. This could include more sophisticated risk management tools, greater access to capital for international expansion, and more seamless integration of financing and insurance.

As Goldman Sachs’ first institutional investor, FGI is now equipped to compete more aggressively in the global commercial finance arena. The partnership validates the importance of specialized, tech-enabled lending models and could signal a wave of further consolidation and innovation in the sector. For businesses navigating the complexities of domestic and global commerce, the result is likely to be a more robust and accessible set of tools to finance growth and mitigate risk.