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The
fund sits under the Wall Street giant's asset management arm and
is known as "West Street Capital Partners VIII." It plans to
invest an average of $300 million to take controlling stakes in
companies in the financial and business services sectors, as
well as healthcare, consumer, technology and climate change
transition.
"This fundraise builds on our 30-year history in private equity
as we continue to scale the business and make our alternatives
offerings available to a wider range of investors," said Julian
Salisbury, global co-head of Goldman Sachs Asset Management, in
a statement. GSAM, as the business is known, oversees $2.5
trillion in assets, with private equity (PE) accounting for $176
billion.
Goldman's money managers are not alone in raising PE funds.
BlackRock Inc has about $35 billion focused on PE strategies,
and last year alone, it raised $3 billion to invest in PE
secondary market deals.
Investors in Goldman's latest venture include pension funds,
sovereign wealth funds, financial institutions, family offices
and high-net-worth individuals. The bank, as well as some of its
employees, also invested.
The fund has already backed Norgine, a European pharmaceutical
company, Nippo Corp, a road pavement company in Japan, and
Parexel, a clinical research organization, among others.
(Reporting by Saeed Azhar; Editing by Lananh Nguyen and Stephen
Coates)
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