Goldman Sachs Asset Management has raised over USD200 million in its inaugural European Long Term Investment Fund, Private Markets ELTIF 2023.
The firm writes that the fund will provide individual investors with access to direct private market investments managed by Goldman Sachs Asset Management, a leading global investment firm with a 35+ year history investing in private markets, and over USD450 billion in total alternatives assets.
The fund is intended to be the first in a series of Private Markets ELTIFs, through which individual investors can access the performance and diversification benefits of private markets.
Through the Private Markets ELTIF 2023, Goldman Sachs intends to provide direct exposure to investments spanning a range of sectors and strategies, primarily in private equity and supplemented with a smaller allocation to higher yielding private credit. While diversified, the composition of the portfolio is expected to reflect the areas of the market where deal flow is most active, leaning into the most compelling sectors and strategies in what is a rapidly changing investment landscape. The fund is intended to be globally diversified. Designed in principle for high-net-worth investors who can make a longer-term illiquid investment, the fund will be fully funded at launch, with an expected short investment period.
Goldman Sachs Asset Management’s alternatives platform has over 1,000 dedicated investment professionals, who draw on the wider resources of Goldman Sachs to access an unparalleled sourcing network. The alternatives platform is led by an experienced global team, combining a deep local presence in markets across the US, Europe and Asia with global insights and capabilities across sectors. The team seeks to harness the expansive relationship networks and resources of the Goldman Sachs platform to source differentiated investments and to accelerate value creation for portfolio companies.
Barry Fricke, EMEA Head of Alternatives Distribution for Wealth at Goldman Sachs Asset Management, says: “Institutional investors have long benefited from private investments, which have the potential to provide higher returns, portfolio diversification, and access to unique opportunities. Now, individuals will also be able to get exposure to private investments through our Private Markets ELTIF, a fund specifically designed to meet the needs of individual investors.”
“This fund is part of a broad and deep commitment to open up our private markets business to suitable individual investors through innovative and high-quality products, supported by education and training for our wealth management distribution partners.”
