【私募危机愈演愈烈，连高盛都要“自证清白”了】高盛致函投资者安抚市场情绪，称旗下私人信贷基金软件行业敞口仅15.5%，第四季度赎回率3.5%，均低于行业均值。高盛强调未因追求规模而降低承销标准，较同行来说，更少依赖年度经常性收入（ARR）估值逻辑，以及实物支付（PIK）利息安排。

Group 1 - The core viewpoint of the article highlights that Goldman Sachs is taking measures to reassure investors amid a growing private equity crisis, emphasizing its lower exposure to the software sector and maintaining underwriting standards [1] - Goldman Sachs stated that its private credit fund's exposure to the software industry is only 15.5%, which is significantly lower than the industry average [1] - The firm reported a redemption rate of 3.5% for the fourth quarter, also below the industry average, indicating a relatively stable investor sentiment [1] Group 2 - Goldman Sachs emphasized that it has not compromised on underwriting standards in pursuit of scale, differentiating itself from competitors [1] - The company relies less on Annual Recurring Revenue (ARR) valuation logic compared to its peers, which may provide a more stable financial outlook [1] - Goldman Sachs also noted its limited use of Payment-in-Kind (PIK) interest arrangements, which can be riskier for investors [1]