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Deals Of The Day: The Latest In Wealth Management M&A – Goldman Sachs Asset Management

Editorial Staff 21 September 2023

Deals Of The Day: The Latest In Wealth Management M&A – Goldman Sachs Asset Management

The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Goldman Sachs Asset Management
Goldman Sachs Asset Management has announced the final closing of its private market secondaries funds, Vintage IX and Vintage Infrastructure Partners, raising just over $15 billion in a challenging market. The funds drew strong interest from institutional and high net worth investors, the firm said in a statement.

The Vintage Funds, which provide liquidity solutions to private market limited partner investors and general partner fund managers, represent a flagship for Goldman Sachs’ alternatives franchise, with leadership in the secondaries space since 1998 and over $45 billion of assets under management.

Vintage IX, the ninth iteration of Goldman Sachs’ diversified private equity secondaries strategy and the largest offering among the Vintage Funds, closed above its fundraising target, with $14.2 billion of equity commitments from a global group of institutional and high net worth investors and commitment from Goldman Sachs employees. The firm’s predecessor fund, Vintage VIII, closed on $10.3 billion of commitments in 2020, the firm said in a statement.

“We are deeply appreciative of the support from both existing and new investors. In addition to this capital, we also raised committed co-investment capital which gives us additional flexibility to pursue a diverse opportunity set. With this capital we are committed to delivering on consistent and differentiated private equity returns for our investors,” Harold Hope, global head of secondaries at Goldman Sachs Asset Management, said. 

The success of the fundraise reflects the attractive market opportunity in secondaries – the demand for liquidity is high with many global institutions over-allocated to private markets or in search of ways to generate liquidity within their portfolios, the firm continued.

Vintage Infrastructure Partners, which builds on 15 years of investing in infrastructure secondaries within the existing Vintage platform, closed at around $1 billion of equity commitments – making it Goldman Sachs’ inaugural commingled fund dedicated to investing in the expanding infrastructure secondaries market.

“Vintage Infrastructure Partners is a natural extension of our platform, and we are encouraged by the tailwinds that continue to drive growth and opportunity in that part of the market. With dedicated infrastructure secondary capital, we hope to be a more complete solutions provider to investors and managers looking for liquidity options across the entire range of their private market investments,” Hope said. 

The team’s sourcing of infrastructure secondaries grew by over 40 per cent between 2021 and 2022, reaching a record half-year total in 2023, the firm added.

New York-headquartered Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for institutions, financial advisors and individuals, oversees more than $2.7 trillion in assets under supervision. 

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