Goldman Sachs Asset Management has held the final close of West Street Global Growth Partners, a new fund which will invest in early-stage companies that are typically small in size, at $5.2 billion, making it one of the largest ever first-time growth equity funds.
Goldman Sachs Asset Management (Goldman Sachs) has held the final close of West Street Global Growth Partners, a new fund which will invest in early-stage companies that are typically small in size, at $5.2 billion, making it one of the largest ever first-time growth equity funds.
Commitments to the fund, which exceeded its initial fundraising target, include $3.7 billion from a diverse group of institutional and high net worth investors globally, alongside a significant commitment from Goldman Sachs and its employees.
The fund is managed by the Growth Equity business within Goldman Sachs Asset Management, which is led by Darren Cohen, Nishi Somaiya and Stephanie Hui – based in New York, London and Hong Kong respectively. According to a statement from Goldman Sachs, it will target enterprise technology, financial technology, healthcare, and consumer businesses.
The fund will look to acquire minority stakes in businesses with an average investment size of approximately $50 million and will invest across the lifecycle of the growth equity market.
West Street Global Growth Partners has already invested in a number of companies, diversified by geography and industry, including 4G Clinical, a specialist in the randomisation & trial supply management market, AlphaSense, a market intelligence software company, Exotec, a robotic warehouse systems provider, and Fortanix, a multi and hybrid cloud data security platform.
