Goldman Sachs Alternatives has raised $11.7bn across its latest private equity funds and associated co-investment vehicles, according to Private Equity Wire, citing a Reuters report.
The fundraising includes $9.6bn for West Street Capital Partners IX, $1.6bn for West Street Asia Equity Partners I, and $500m for related co-investment vehicles, according to Private Equity Wire.
Breakdown: West Street Capital Partners IX
The $9.6bn raised for West Street Capital Partners IX represents the ninth vintage of Goldman Sachs Alternatives’ flagship buyout strategy, according to Private Equity Wire.
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 for the strategy 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.
Goldman Sachs Alternatives expects to hold investments for around four to five years, with an emphasis on driving operational and strategic value creation before exiting.
West Street Asia Equity Partners I and co-investment vehicles
Goldman Sachs Alternatives raised $1.6bn for its new pan-Asian private equity vehicle, West Street Asia Equity Partners I.
The manager is building out its dedicated Asia strategy, which targets controlling stakes in middle-market businesses as well as selected growth investments across the region.
The fundraising also included $500m for related co-investment vehicles.
Alternatives platform scale targets
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.
Widely known context: Co-investment vehicles are commonly used alongside private equity funds to give investors additional exposure to specific deals.
Widely known context: Private equity buyout funds typically focus on acquiring control positions in companies and seeking value creation prior to exit.
