Goldman Sachs asset arm raises $11.7 billion in private equity funds

NEW YORK, Sept 15 — Goldman Sachs' asset management said on Tuesday its ​alternatives unit has raised $11.7 billion across its latest private equity funds and related vehicles.

The fundraising included $9.6 billion for flagship fund ‌West Street Capital Partners IX, $1.6 billion for its Asia-focused strategy West Street Asia Equity Partners ⁠I, and $500 million for related ​co-investment vehicles, it said in a ⁠statement.

WSCP IX, the ninth vintage of Goldman Sachs Alternatives' flagship ‌buyout business, raised capital ‌from institutional and high-net-worth investors in North America, Europe and ⁠the Middle East, with significant commitments ⁠from Goldman Sachs and its employees.

The fund's investments include Schellman, a U.S. cybersecurity audit firm, Numantec, a European medical devices maker, and Excel Sports Management, a U.S. sports representation and marketing agency.

"Over one-third of the capital has been invested already. And the way ‌you should think about that is you ​want to deploy this capital over, say, roughly four to four-and-a-half year period," Michael Bruun, global co-head of private equity, Goldman Sachs Alternatives, told Reuters.

He said the firm looks at a lot of companies with enterprise values between $500 million and about $2 to $3 billion, with plans to hold the investment between four and five years.

"We continue ​to be quite firm that we need to see value creation over ‌that period and ‌facilitate an ⁠exit over that period," he said.

Goldman Sachs Alternatives is separately raising capital for its dedicated pan-Asia private equity strategy focused on controlling stakes in middle-market investments, as well as select growth investments across the region.

Goldman ‌Sachs Alternatives had $459 billion ​in assets under supervision as of ‌June 30, with the ⁠goal to ​grow that to $750 billion by the end of 2030, the firm said.

(Reporting by ​Saeed Azhar)

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