Goldman Sachs raises over $15 billion for secondary private-equity deals

Share

Share

NEW YORK, Sept 20 (Reuters) – Goldman Sachs’ (GS.N) asset management arm said two funds have closed, raising more than $15 billion for funds that enable investors to make secondary investments in existing private equity (PE) deals.

Goldman Sachs Asset Management’s “Vintage IX” fund raised $14.2 billion, exceeding its target of $12 billion, from institutional investors, wealthy clients and bank employees, it said in a statement on Wednesday.

The inaugural Vintage Infrastructure Partners separately raised about $1 billion, it said.

“What we do in our secondaries business is really go in and provide liquidity to investors in these funds, who wanted to get out before their natural termination,” Harold Hope, global head of secondaries at Goldman Sachs Asset Management, told Reuters.

“The vintage fund that we just raised will come in, look at the value of your assets, negotiate with you, agree on a price and then we’ll buy you out of that investment.”

Goldman’s asset management arm is also looking at investing in so-called “continuation vehicles,” he said. Such deals allow PE firms to roll older investments into new funds.

PE firms are finding it tough to raise fresh money from investors who have already allocated large portions of their portfolios to PE investments, Hope said.

“They’re being very cautious around new investments,” he said. “And they’re really not investing a lot of capital. So that’s why I think people are having a hard time raising money.”The aggregate value of private equity deals plunged 44% to $302.7 billion in the first eight months of 2023 from a year earlier, according to S&P Global Market Intelligence, the lowest level for the first eight months of a year since 2019.

Share

Latest

Related Content

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      Registration Form

      Error: Contact form not found.

      Registration Form

      Error: Contact form not found.

      Registration Form

      Error: Contact form not found.

      Registration Form

      Error: Contact form not found.

      Registration Form

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      COVID-19
      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

      Request Nomination Pack

      Error: Contact form not found.