Prime Highlights-
- Goldman Sachs Alternatives raises $11.7 billion across its latest private equity funds and vehicles.
- Flagship fund West Street Capital Partners IX draws $9.6 billion from global investors.
Key Facts-
- Fund investments include Schellman, Numantec and Excel Sports Management.
- Unit targets growing assets under supervision to $750 billion by decade’s end.
Background-
Goldman Sachs Asset Management said its alternatives unit has raised $11.7 billion across its latest private equity funds and related vehicles, led by its flagship buyout strategy.
The fundraising included $9.6 billion for West Street Capital Partners IX, $1.6 billion for its Asia-focused strategy West Street Asia Equity Partners I, and $500 million for related co-investment vehicles, the firm said in a statement.
WSCP IX, the ninth vintage of Goldman Sachs Alternatives’ flagship buyout business, drew capital from institutional and high-net-worth investors across North America, Europe and the Middle East, with significant commitments from Goldman Sachs and its employees.
The fund’s investments include Schellman, a U.S. cybersecurity audit firm, Numantec, a European medical devices maker, and Excel Sports Management, a U.S. sports representation and marketing agency.
Michael Bruun, global co-head of private equity at Goldman Sachs Alternatives, told Reuters that more than a third of the capital has already been invested, with plans to deploy the fund over roughly four to four-and-a-half years.
He said the firm evaluates companies with enterprise values between $500 million and $2 billion to $3 billion, typically holding investments for four to five years, while staying focused on generating value and facilitating an exit within that period.
Goldman Sachs Alternatives is separately raising capital for its dedicated pan-Asia private equity strategy, which targets controlling stakes in middle-market investments as well as select growth investments across the region.
The unit had $459 billion in assets under supervision, with a goal of growing that figure to $750 billion by the end of the decade, the firm said.
