Goldman Sachs’ alternative investment unit, Petershill, is seeking to raise around $5bn for its fifth flagship fund, matching the size of its previous fund, according to a report by Bloomberg citing sources familiar with the plans.
Petershill, which takes minority stakes in private-market managers — including private equity, credit, and real estate firms — in exchange for a share of management fees, carried interest, and profits, has previously backed firms such as ArcLight Capital Partners and Francisco Partners.
The fundraising push comes after Petershill delisted its public entity from the London Stock Exchange in September, citing subdued investor appetite for publicly traded alternative asset management businesses. The firm’s shares had largely traded below their 2021 listing price despite successful exits in prior investments.
Petershill’s previous flagship, launched in 2020 amid a challenging private equity environment, has already returned nearly half of investors’ capital and delivered about $3.2bn since January 2024. Notable exits include the sale of a majority stake in General Catalyst, as well as stakes in Harvest Partners, LMR Partners, and a partial stake in Accel-KKR.
The fundraise is taking place in a difficult market for private-market vehicles. Global private equity fundraising dropped to roughly $408bn in 2025, down from $612bn in 2024, while private credit faces scrutiny following recent liquidity restrictions at Blue Owl Capital Inc, which spooked investors and sent shares in the sector lower.
Petershill’s new fund aims to continue deploying capital into minority stakes of high-quality managers, giving investors access to diversified revenue streams from alternative assets while the firm seeks to expand Goldman Sachs’ asset and wealth management division. Executives at the unit hope the fund will leverage the firm’s track record and investor relationships to generate strong returns despite ongoing market headwinds.
Petershill had $5.5bn in fair value investments in the first half of 2025 and returned $265m, to investors during that period.
