Goldman Sachs Alternatives has raised $11.7bn across its latest private equity funds and associated co-investment vehicles, as the asset manager continues to expand its alternatives business, according to a report by Reuters.
The fundraising comprises $9.6bn for West Street Capital Partners IX, the ninth vintage of Goldman Sachs Alternatives’ flagship buyout strategy, $1.6bn for its new pan-Asian private equity vehicle, West Street Asia Equity Partners I, and a further $500m for related co-investment vehicles.
West Street Capital Partners IX attracted commitments from institutional and high-net-worth investors across North America, Europe and the Middle East, alongside significant capital from Goldman Sachs and its employees.
The fund is targeting control investments and has already committed more than one-third of its capital. Existing investments include US cybersecurity auditing firm Schellman, European medical devices company Numantec and sports representation and marketing business Excel Sports Management.
Michael Bruun, global co-head of private equity at Goldman Sachs Alternatives, said the strategy is focused on companies with enterprise values generally ranging from $500m to between $2bn and $3bn.
The manager expects to hold investments for around four to five years, with an emphasis on driving operational and strategic value creation before exiting.
Goldman Sachs Alternatives is also building out its dedicated Asia strategy, which targets controlling stakes in middle-market businesses as well as selected growth investments across the region.
The latest fundraising comes as Goldman Sachs seeks to significantly increase the scale of its alternatives platform. Goldman Sachs Alternatives had $459bn in assets under supervision at the end of June and has set a target of reaching $750bn by the end of 2030.
