Goldman Sachs is looking to raise $2bn for its inaugural Asia Pacific-focused private equity fund as it looks to deepen its exposure to some of the world’s fastest-growing economies, according to a report by Reuters.
The report cites two unnamed individuals familiar with the bank’s fundraising efforts as confirming that Goldman Sachs Asset Management, its investment arm, has been promoting the new fund to sovereign wealth funds, pension funds, and private investors with the aim of achieving a first close by the fourth quarter.
The fund will primarily invest in Japan, allocating about half of its capital to the country, according to one of the sources, as well as targeting investment opportunities in India, South Korea, and Australia.
In the first half of 2024, Asia-focused private equity fundraising increased by 4% year-over-year to $52.7bn. Despite the uplift though, this is still significantly lower than the first-half average of $131.7bn seen over the past decade, as reported by industry data provider Preqin.
Over the past five years, Goldman has invested in more than 60 companies in Asia, including Japan’s Nippo Corp and Chinese software firm Shenzhen Qianhai 4Paradigm Data Technology Co. The bank was also one of the earliest investors in China’s e-commerce giant Alibaba Group in 1999, well before it became the leading online shopping marketplace in the country.
