Goldman Sachs Asset Administration has raised $700m (£556m) for a brand new fund that may co-invest with hedge funds and personal credit score companies.
The brand new fund – dubbed Union Bridge Companions 1 – will establish distinctive funding alternatives in each private and non-private markets that fall exterior the mandate of conventional market individuals, Goldman Sachs stated.
The closed-ended fund, which is a part of Goldman Sachs’ $340bn Exterior Investing Group (XIG), has already deployed round 40 per cent of the capital raised. It has funded firms throughout North America and Europe in sectors together with hospitality, health centres, software program and music royalties.
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The capital was raised from a variety of traders together with refined establishments, household places of work, non-public wealth purchasers, and vital commitments from Goldman Sachs staff.
“This fundraise displays the rising alternative set in co-investments, together with exterior of personal fairness the place it originated, and the benefits of the XIG platform to supply and execute these investments,” stated Michael Brandmeyer, world head of XIG at Goldman Sachs Asset Administration.
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“We’re grateful for the help of our purchasers in elevating this inaugural fund and look ahead to persevering with to work with our in depth community of third-party managers to ship engaging returns for purchasers.”
Philip Pallone, who leads the Union Bridge programme, stated: “Now we have seen a major improve within the alternative to associate with our exterior managers to offer versatile capital options to firms throughout private and non-private markets. The Union Bridge packages permits us to be stronger companions to our exterior managers by committing value-added capital of their highest-conviction alternatives whereas on the similar time offering our purchasers entry to differentiated, typically unique, investments that they’d not in any other case have the ability to entry.”
Learn extra: Goldman Sachs launches non-public credit score fund for wealth market
