Goldman Sachs Asset Management has announced the final close of its growth equity fund, West Street Global Growth Partners I, at $5.2bn.
The growth equity fund is the first direct private markets fund from the US-based investment manager. It is focussed on high-growth companies with solid market positioning, high rates of growth, and durable business models.
According to Goldman Sachs Asset Management, the fund surpassed its initial fundraising target, including $3.7bn of commitments from a diverse group of institutional and high net worth investors worldwide.
West Street Global Growth Partners I is also said to have a significant commitment from the company and its employees.
The company claims that West Street Global Growth Partners I is one of the largest first-time growth equity funds raised in history.
Managed by the growth equity business within Goldman Sachs Asset Management, the fund seeks minority interests in companies with an average investment size of about $50m.
Besides, the growth equity fund is intended to invest across the lifecycle of the growth equity market.
The growth equity business within the company is led by Darren Cohen, Nishi Somaiya, and Stephanie Hui based in New York, London, and Hong Kong, respectively.
Enterprise technology, financial technology, healthcare, and consumer are the targeted sectors for the fund, stated Goldman Sachs.
By leveraging Goldman Sachs’ proprietary operating platform, the GS Value Accelerator, the fund will work with portfolio firms to develop transformative businesses and generate incremental value.
Goldman Sachs asset and wealth management chief investment officer Julian Salisbury said: “We believe the pace of innovation across enterprise technology, financial technology, healthcare, and consumer businesses shows no sign of abating, and we are excited to work closely with portfolio companies to navigate volatility and reach the next stages of growth.”
