Goldman raises $15.2b for global secondaries strategies

The firm raised USD 14.2bn for Vintage IX with support from institutional and high net worth investors as well as from Goldman employees. The previous fund in this series closed on USD 10.3bn in 2020. Goldman has also introduced a dedicated infrastructure secondaries vehicle, which raised USD 1bn.

The Vintage funds are intended to provide liquidity solutions to LPs and GPs. Goldman has been involved in some of Asia’s largest deals of this nature.

Last year, it was one of two anchor investors in a USD 1.5bn single-asset continuation fund raised by Hahn & Company for Ssangyong C&E, a Korea-based cement manufacturer that is transitioning into a broader environmental services player.

In late 2021, Goldman led a stapled secondary of nearly USD 900m for BPEA EQT. This involved taking out positions in the GP’s fifth and sixth funds and contributing USD 270m to Fund VIII. The latter vehicle subsequently closed on USD 11.2bn in September 2022.

“We are at an inflection point in the secondaries market. Today there are more ways to derive value from secondaries than ever before, and we believe the long-term winners in this market will be buyers that can navigate it as whole and weigh relative value across transaction types and structures,” said Harold Hope, Goldman’s global head of secondaries, in a statement.

The firm has been active in secondaries since 1998. Infrastructure deals were previously pursued under the main Vintage platform.

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• Topics
• Secondaries
• Fundraising
• GPs
• Goldman Sachs
• Fundraising
• Secondaries