Goldman Sachs has raised at least $2.27 billion for its sixth private equity secondaries fund on its way to a $5 billion target, according to a filing with the US Securities and Exchange Commission.
The bank’s Vintage Funds series has traditionally focused on secondaries investments. Vintage Fund V raised $5.5 billion in 2009.
The filing for Fund VI indicates there are 1,043 investors in the vehicle. Fund VI had collected $1.2 billion as of July 2012, according to a separate SEC filing. Goldman Sachs did not return a request for comment.
Goldman is raising its secondary fund at a time when numerous firms have collected capital for the strategy, even as deal flow has slowed. Deal volume in 2011 and 2012 reached about $25 billion, but this year deal activity has been slower, and if this level of activity continues, the market likely won’t reach its record heights.
AlpInvest Partners, the fund of funds owned by The Carlyle Group, will close on $4.6 billion for its fifth secondary fund, Carlyle co-chief executive David Rubenstein said during a recent earnings call. AlpInvest Secondaries Fund V launched in 2011 and had collected $3.48 billion as of the end of March, according to Carlyle’s first quarter earnings report. Adams Street Partners also recently closed its fifth secondary fund on its $1 billion hard-cap.
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